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(NYSE:MA) Cyber News: MasterCard Enhances CyberSecurity Peace of Mind
Launches Multi-Million Dollar Investment in Next Generation of Payment Technology to Drive Security
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PURCHASE N.Y. - February 23 2015 (www.investorideas.com newswire) MasterCard has 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.
"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."
"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 380000 members through its 40 branch locations more than 5000 CO-OP Branch locations 30000 CO-OP Network ATMs and 286000 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.
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