Launches Multi-Million Dollar Investment in Next Generation of
Payment Technology to Drive Security
PURCHASE, N.Y.--(BUSINESS WIRE)--
MasterCard today unveiled plans to invest more than $20 million in
cybersecurity-related technology enhancements to deliver greater peace
of mind for MasterCard cardholders, merchants and issuing banks.
“These new activities will help us continue to deliver the tools and
solutions that instill a peace of mind by protecting each transaction
that crosses our network,” said Chris McWilton, president, North
American Markets, MasterCard. “While progress is being made with the
move to EMV and mobile payments, our continued investments reinforce the
efforts we are taking to protect the payments system for cardholders,
merchants and issuers. That’s at the heart of what our cardholders
expect when they see our brand mark.”
Bank Safety Layer
This spring, MasterCard will launch MasterCard Safety Net in the U.S.
The solution is designed to reduce the risk of fraud or cyberattacks
before issuers and processors might notice the threat. It provides an
independent layer of security on top of the tools and policies of
financial institutions, by monitoring and blocking specific transactions
based on selected criteria.
MasterCard Safety Net is designed to intervene only in extreme cases to
block fraudulent activity.
Piloting the Next Generation of Cardholder Security
Later this year, MasterCard and First Tech Federal Credit Union will
roll out a pilot program that will enable consumers to authenticate and
verify their transactions using a combination of unique biometrics, such
as facial and voice recognition and fingerprint matching. This initial
test has the potential to deliver greater security to U.S. cardholders
without compromising the ease and convenience Americans have come to
expect today when using their credit and debit cards.
“We are excited about partnering with MasterCard on this cybersecurity
initiative. As the nation’s leading credit union serving the technology
sector, we remain committed to providing our members with leading edge
security to protect their identity and financial interests. The
MasterCard CyberSecurity concept is innovative, and a big step towards
this commitment. We look forward to helping MasterCard bring this new
technology to our member cardholders throughout America,” said Greg
Mitchell, president and chief executive officer of First Tech Federal
Credit Union.
Affirming Peace of Mind
MasterCard continues to deliver core card features and enhanced
protections to ensure safer and more convenient shopping experiences for
all consumers.
Among these features are:
-
Identity Theft Alerts – Rather than pay for an add-on service
or worry about tracking individual accounts, MasterCard provides this
core benefit to all U.S. cardholders free of charge. Simply by signing
up at http://www.mastercard.us/idtheftalerts,
cardholders can receive alerts for personal information is being
bought or sold across their banking, payment card and health care
accounts.
-
Chip Cards – The U.S. migration to the EMV chip standard is
well underway, with industry partners projecting that half of all
cards and 47 percent of all merchant terminals will be chip-enabled by
the end of the year. MasterCard is continuing to drive these efforts
with ongoing education on the importance and benefits of chip cards.
-
Zero Liability – MasterCard was the first payment network to
extend its zero liability policy in the U.S. to include credit, debit
and ATM transactions made with MasterCard branded consumer and small
business cards.
-
Digital Payments – America’s recent embrace of mobile payments
– both in contactless cards and programs such as Apple Pay, Google
Wallet and MasterPass – demonstrate our ongoing efforts to ensure that
our technology serves as the foundation to deliver the same level of
security expected at any purchase location.
More information is available at www.mastercard.com/peaceofmind.
About MasterCard
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.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $7.35 billion institution
headquartered in Mountain View, Calif. It is the nation’s premier credit
union serving the world’s leading technology-oriented companies and
their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon,
Nike, CH2M Hill, Intuit, Google and more. First Tech is recognized as
the industry catalyst for delivering effortless banking experiences to
its 380,000 members through its 40 branch locations, more than 5,000
CO-OP Branch locations, 30,000 CO-OP Network ATMs and 286,000 ATMs
nationwide. First Tech offers a full range of banking services,
including traditional banking, mortgage, financial planning and
insurance services. For more information, visit firsttechfed.com.
Source: MasterCard Incorporated