MasterCard Enhances Cybersecurity Peace of Mind

MasterCard unveiled plans to invest more than $20 million in cybersecurity-related technology enhancements to deliver greater peace of mind for MasterCard cardholders, merchants and issuing banks.

“These new activities will help us continue to deliver the tools and solutions that instill a peace of mind by protecting each transaction that crosses our network,” said Chris McWilton, president, North American Markets, MasterCard. “While progress is being made with the move to EMV and mobile payments, our continued investments reinforce the efforts we are taking to protect the payments system for cardholders, merchants and issuers. That’s at the heart of what our cardholders expect when they see our brand mark.”

Bank Safety Layer
This spring, MasterCard will launch MasterCard Safety Net in the U.S. The solution is designed to reduce the risk of fraud or cyberattacks before issuers and processors might notice the threat. It provides an independent layer of security on top of the tools and policies of financial institutions, by monitoring and blocking specific transactions based on selected criteria.

MasterCard Safety Net is designed to intervene only in extreme cases to block fraudulent activity

Piloting the Next Generation of Cardholder Security
Later this year, MasterCard and First Tech Federal Credit Union will roll out a pilot program that will enable consumers to authenticate and verify their transactions using a combination of unique biometrics, such as facial and voice recognition and fingerprint matching. This initial test has the potential to deliver greater security to U.S. cardholders without compromising the ease and convenience Americans have come to expect today when using their credit and debit cards.

“We are excited about partnering with MasterCard on this cybersecurity initiative. As the nation’s leading credit union serving the technology sector, we remain committed to providing our members with leading edge security to protect their identity and financial interests. The MasterCard cybersecurity concept is innovative, and a big step towards this commitment. We look forward to helping MasterCard bring this new technology to our member cardholders throughout America,” said Greg Mitchell, president and chief executive officer of First Tech Federal Credit Union.

Affirming Peace of Mind
MasterCard continues to deliver core card features and enhanced protections to ensure safer and more convenient shopping experiences for all consumers. Among these features are:

  • Identity Theft Alerts – Rather than pay for an add-on service or worry about tracking individual accounts, MasterCard provides this core benefit to all U.S. cardholders free of charge. Simply by signing up at http://www.mastercard.us/idtheftalerts, cardholders can receive alerts for personal information is being bought or sold across their banking, payment card and health care accounts.
  • Chip Cards – The U.S. migration to the EMV chip standard is well underway, with industry partners projecting that half of all cards and 47 percent of all merchant terminals will be chip-enabled by the end of the year. MasterCard is continuing to drive these efforts with ongoing education on the importance and benefits of chip cards.
  • Zero Liability – MasterCard was the first payment network to extend its zero liability policy in the U.S. to include credit, debit and ATM transactions made with MasterCard branded consumer and small business cards.
  • Digital Payments – America’s recent embrace of mobile payments – both in contactless cards and programs such as Apple Pay, Google Wallet and MasterPass – demonstrate ongoing efforts to ensure that MasterCard technology serves as the foundation to deliver the same level of security expected at any purchase location.