MasterCard announced last week the launch of new software aimed at protecting banking processors and systems from cyber attacks. SafetyNet works alongside existing security methods currently used by banks, and adds a further layer of protection, by way of specialised algorithms, to payment systems.
Using MasterCard’s global network, SafetyNet recognises the patterns that could potentially lead to a cyber attack to prevent prior to them taking place, stopping fraud before the bank’s payment processors have noticed.
Ajay Bhalla, President of Enterprise Security Solutions at MasterCard, said: “SafetyNet is complementary to the bank’s own tools but adds a new level of protection to the payment system. It monitors different channels and geographies, and provides the most appropriate level of support for each market and partner business by using sophisticated algorithms.”
MasterCard has several layers of security that prevents electronic payment attacks, such as card chips, authentication and tokenisation, making sure transactions are genuine and by the right person. Security by card suppliers is essential in stopping criminals from using stolen details in order to commit cyber crime.
Bhalla added: “Through the launch of SafetyNet, MasterCard is taking further steps to secure the payment data and transactions for both the retailer and the issuer.”
By Allie Philpin