21 February 2017
visit dh.com

MasterCard to spend heavily on biometrics and cyber protection

13 February 2015  |  16708 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  |  7142 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  |  5414 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  |  6835 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  |  16907 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  |  15027 views  |  5 comments | 37 tweets | 34 linkedin
MasterCard unveils tool to tackle cyber threat

MasterCard unveils tool to tackle cyber threat

02 October 2014  |  11045 views  |  0 comments | 10 tweets | 9 linkedin
Tangerine brings biometrics to mobile banking

Tangerine brings biometrics to mobile banking

01 October 2014  |  9207 views  |  0 comments | 8 tweets | 16 linkedin
MasterCard envisions biometric future

MasterCard envisions biometric future

18 September 2014  |  13993 views  |  0 comments | 20 tweets | 13 linkedin
Cartes Bancaire plans biometric payments

Cartes Bancaire plans biometric payments

16 June 2014  |  9152 views  |  1 comments | 17 tweets | 23 linkedin
Nigerian banks begin biometrics registration project

Nigerian banks begin biometrics registration project

17 February 2014  |  5961 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  |  15578 views  |  0 comments | 12 tweets | 14 linkedin
Uniqul introduces face payments

Uniqul introduces face payments

15 July 2013  |  8968 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  |  8389 views  |  1 comments | 5 tweets | 3 linkedin
Discover trials Natural Security biometric payments

Discover trials Natural Security biometric payments

05 November 2012  |  11094 views  |  5 comments | 15 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit dh.com

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
17590 views 11 comments | 54 tweets | 88 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10378 views comments | 21 tweets | 19 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
10372 views comments | 49 tweets | 58 linkedin
The fintech effect: Banks buy in to benefits of boosting financial well-beingThe fintech effect: Banks buy in to benefi...
9287 views comments | 17 tweets | 12 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8419 views comments | 17 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job