MasterCard launches solution to protect against cyber hacking of banks and processors

MasterCard 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”, according to press release.

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. The company said that SafetyNet is another advanced tool in MasterCard’s priority area of security and is already integrated into the global payment network.

Bhalla continued: “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.”