MasterCard has announced the launch of SafetyNet, a tool designed to reduce the risk of cyber hacking of banks and processors.
The global card provider aims to use the technology to identify potential attacks before they start and in some cases before the bank or processor is even aware of a problem. MasterCard says it is acting to tackle the growing threat of cybercrime through a multi-layered approach that involves a partnership with issuers, acquirers, retailers and consumers.
Ajay Bhalla, president of enterprise security solutions at 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.”