29 May 2017
Book a meeting today

MasterCard to spend heavily on biometrics and cyber protection

13 February 2015  |  16951 views  |  0 Security

MasterCard says it will invest an additional $20 million in cyber-security measures this year, including biometric protection for mobile apps, and early warning alerts on potential threat vectors.

This spring, MasterCard will launch Safety Net, an initiative designed to reduce the risk of fraud or cyberattacks before issuers and processors might notice the threat.

The card scheme says Safety Net will provide "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".

The application uses algorithms to score and monitor different channels, geographies, and business sectors, and is designed to intervene only in extreme cases to block fraudulent activity.

At the cardholder level, MasterCard is working with First Tech Federal Credit Union on a pilot programme 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.

News of the collaboration follows last month's announcement by First Tech that it plans to issue all new debit and credit cards using EMV Chip and PIN technology, alongside a rewards programme, member card personalisation and tokenisation.

Chris McWilton, president, North American Markets, MasterCard, says: “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."

In September last year, MasterCard claimed a 98% success rate for internal pilot trials of a biometric verification system combining both voice and facial recognition.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

MasterCard opens Indian Tech Hub

MasterCard opens Indian Tech Hub

04 February 2015  |  7277 views  |  1 comments | 9 tweets | 8 linkedin
MasterCard kicks off global hackathon challenge in Sydney

MasterCard kicks off global hackathon challenge in Sydney

29 January 2015  |  5573 views  |  0 comments | 5 tweets | 3 linkedin
MasterCard and CIBC join $70m Dynamics funding round

MasterCard and CIBC join $70m Dynamics funding round

08 December 2014  |  7065 views  |  0 comments | 6 tweets | 5 linkedin
MasterCard forecasts death of static passwords with 3DS 2.0

MasterCard forecasts death of static passwords with 3DS 2.0

13 November 2014  |  17131 views  |  2 comments | 25 tweets | 16 linkedin
MasterCard looks to bust contactless transaction limits with fingerprint cards

MasterCard looks to bust contactless transaction limits with fingerprint cards

17 October 2014  |  15227 views  |  5 comments | 37 tweets | 34 linkedin
MasterCard unveils tool to tackle cyber threat

MasterCard unveils tool to tackle cyber threat

02 October 2014  |  11190 views  |  0 comments | 10 tweets | 9 linkedin
Tangerine brings biometrics to mobile banking

Tangerine brings biometrics to mobile banking

01 October 2014  |  9387 views  |  0 comments | 8 tweets | 16 linkedin
MasterCard envisions biometric future

MasterCard envisions biometric future

18 September 2014  |  14245 views  |  0 comments | 20 tweets | 13 linkedin
Cartes Bancaire plans biometric payments

Cartes Bancaire plans biometric payments

16 June 2014  |  9355 views  |  1 comments | 17 tweets | 23 linkedin
Nigerian banks begin biometrics registration project

Nigerian banks begin biometrics registration project

17 February 2014  |  6119 views  |  0 comments | 9 tweets | 5 linkedin
MasterCard joins Fido Alliance in bid to replace passwords with biometrics

MasterCard joins Fido Alliance in bid to replace passwords with biometrics

11 October 2013  |  15710 views  |  0 comments | 12 tweets | 14 linkedin
Uniqul introduces face payments

Uniqul introduces face payments

15 July 2013  |  9083 views  |  0 comments | 21 tweets | 14 linkedin
Nigeria to roll out multi-purpose national ID and payment cards

Nigeria to roll out multi-purpose national ID and payment cards

09 May 2013  |  8522 views  |  1 comments | 5 tweets | 3 linkedin
Discover trials Natural Security biometric payments

Discover trials Natural Security biometric payments

05 November 2012  |  11194 views  |  5 comments | 15 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.niceactimize.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
14799 views comments | 54 tweets | 82 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
8293 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7832 views comments | 17 tweets | 16 linkedin
Digital payments to drive social justiceDigital payments to drive social justice
7638 views comments | 24 tweets | 12 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
7630 views comments | 12 tweets | 22 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job