MasterCard has launched Safety Net, a global tool that reduces the impact of cyber hacking of banks and processors.
It has been built to work with MasterCard’s global network to identify unusual behavior and potential attacks, as the company says, “even before the bank or processor is even aware”.
Ajay Bhalla, Enterprise Security Solutions president for MasterCard said, “Safety Net is the latest in a strong line up of network level defenses available to issuers in their fight against major cyberattacks. With Safety Net, we are screening billions of transactions twenty four hours a day, seven days a week, protecting our issuers against events like a cash out attacks and misuse of payment accounts.”
The company will automatically enroll issuers for this protective service to ensure the latest security tools are easy to deploy. Safety Net covers all MasterCard, Maestro and Cirrus processed debit, credit and commercial transactions and is already integrated into the MasterCard global payment network, which means issuers do not need to take any additional action to participate.
The net will act as an extra layer of security that compliments the issuing banks’ own tools and defences. It uses algorithms and monitors different channels and geographies to provide the most appropriate level of support for each market and partner business.
The MasterCard Network can identify very serious fraud problems in real-time and invoke targeted measures to provide protective controls on an issuer’s behalf. For example, Safety Net can provide selective authorization controls to block specific transactions based on multiple criteria.
“Safety and security is the number one priority for MasterCard. We are committed to always being one step ahead of criminals – innovating and working on behalf of issuers, merchants and cardholders to detect, prevent and provide a more rapid response to help minimize fraud,” added Bhalla.
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