MasterCard to invest over $20m in card security technology
MasterCard has unveiled its plans to invest more than $20m in cyber security technology enhancements to secure payment transactions.
MasterCard Safety Net, to be launched in the spring 2015 in the US, 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.
MasterCard in association with First Tech Federal Credit Union will introduce a pilot program to enable consumers to authenticate and verify their transactions using a combination of biometrics, like facial and voice recognition and fingerprint matching.
MasterCard president of North American Markets Chris McWilton said: “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.
“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.”