MasterCard is taking the fight to cyber criminals by implementing a new solution that aims to protect banks and payment processors against criminals trying to gain access.
SafetyNet is designed to work in tandem with a bank or processor’s own security tools and provide an extra layer of protection that detects attacks before they can take place.
“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,” said Ajay Bhalla, president of enterprise security solutions at 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.”
The solution uses the significant power of MasterCard’s global financial network to find potential attacks before they take place and in some cases will be able to do so before the bank or processor has noticed.
SafetyNet monitors different channels and geographic regions in order to provide the most appropriate level of support for each market and business partner involved, and works as complementary to the banks own security tools with a new layer of protection.
“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,” Bhalla added.
Image Credit: Flickr (Håkan Dahlström)