MasterCard has launched 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 it works to ensure partners stay one step ahead of large scale attacks, which use increasingly sophisticated ways to compromise account data and security defenses.
“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,” explains Ajay Bhalla, President of Enterprise Security Solutions, MasterCard.
“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.”
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.
“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,” continues Bhalla.
“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.
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