MasterCard announced the launch of SafetyNet, a tool designed to reduce the risk of cyber hacking of banks and processors. SafetyNet uses MasterCard’s global network to identify potential attacks before they start — in some cases before the bank or processor is aware of the attack.
SafetyNet is one part of MasterCard’s multilayer defense, which includes tools for banks, consumers and retailers. It is offered complementary to the issuing bank and uses algorithms to monitor different channels and geographies. The tool is already integrated into MasterCard’s payment network
“With SafetyNet we are really fast tracking the next generation of security solutions, which are designed to stop fraud or attacks before many of our partners have even noticed it is happening,” said Ajay Bhalla, President of Enterprise Security Solutions at MasterCard. “We can do this because MasterCard’s SafetyNet operates as intelligent technology, which can identify fraud in real time and decline a transaction before any exposure takes place.”
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