MasterCard Launches Safety Net Program for Cybersecurity
To help protect banks and payment processors against cyber hacking, MasterCard has developed a special program called Safety Net that identifies potential threats before they turn into full-blown attacks. The program is designed to screen billions of transactions a day through multiple layers of tools and analytics, utilizing the inherent power of MasterCard’s global network.
MasterCard first announced its Safety Net in February, with plans to launch this past spring. The credit card giant invested an estimated $20 million to get the fraud prevention program running, but its official launch date took longer than expected.
Safety Net works on a global scale, pinpointing unusual transactions that could turn into worldwide attacks. The program adds an external layer of protection in addition to an issuing bank’s existing security measures, and then monitors transactions through a series of advanced algorithms tailored to each market. Banks under the protection of Safety Net are able to continue operations as normal without any interruptions from MasterCard.
The MasterCard Safety Net is being run out of Europe, but it covers card issuers and processors from nearly every continent. All Maestro, Cirrus and MasterCard credit cards and debit cards are covered under the program.
“Safety Net is the latest in a strong line up of network level defenses available to issuers in their fight against major cyberattacks,” said Ajay Bhalla, MasterCard’s Enterprise Security Solutions President.