LONDON--(BUSINESS WIRE)--MasterCard (NYSE:MA) today announces the launch of SafetyNet, a global tool designed to reduce the risk of cyber hacking of banks and processors. SafetyNet is designed to use the power of MasterCard’s global network, to identify potential attacks before they start and in some cases before the bank or processor is even aware. Leveraging a multi-layer defence we are working to ensure our partners stay one step ahead of large scale attacks, which use increasingly sophisticated ways to compromise account data and security defenses.
Around the world consumers put safety and security of their payments as a key priority when shopping, which is why MasterCard has been working to ensure payments and the data connected to payments are safe, wherever you are. We do this through a number of tools, in a multi-layer approach that works in partnership with issuers, acquirers, retailers and consumers.
Ajay Bhalla, President of Enterprise Security Solutions, MasterCard said: “With SafetyNet we are really fast tracking the next generation of security solutions, which are designed to stop fraud or attacks before many of our partners have even noticed it is happening. We can do this because MasterCard’s SafetyNet operates as intelligent technology which can identify fraud in real time and decline a transaction before any exposure takes place.”
To ensure that MasterCard continues to make the latest security tools as easy to deploy as possible SafetyNet is complementary to the issuing bank’s own tools but adds a new level of protection into the payment system. It monitors different channels and geographies, and provides the most appropriate level of support for each market and partner business, by using sophisticated algorithms. SafetyNet is another advanced tool in MasterCard’s priority area of security and is already integrated into the global payment network.
Bhalla continued: “This week at World Retail Congress in Paris I heard first hand from retailers of all sizes how they see the future of payment security. We all know that safety and security is the number one priority for anyone looking to make a payment and that breaches and media headlines can erode trust and confidence. Today’s announcement reinforces our leading position on safety and security around the world, which is also underlined by our recent trials for biometric authentication in voice and facial recognition.
MasterCard is delivering a multi-layer approach to safety and security. For the consumer there are the security tools you can see including the EMV chip on your physical card or the SecureCode screen when at your online checkout. Through the launch of SafetyNet MasterCard is taking further steps to secure the payment data and transactions at both retailer and issuer.”
MasterCard has been leading the safety and security of payments and continues to innovate and educate to ensure that all technologies, present and future, remain safe by delivering a multi-layer approach which enables the needs of consumers, merchants, acquirers and issuers to be addressed in the right with the best tools around the world. SafetyNet is the latest in a line of defence for issuers against major attacks and protects retailers and consumer confidence.
MasterCard(NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.