MasterCard has launched Safety Net in Europe to reduce the impact of cyberhacking of banks and processors. It is designed to use the power of MasterCard’s global network, to identify unusual behavior and potential attacks – often, even before the bank or processor is even aware.
MasterCard will automatically enroll issuers for this protective service to ensure the latest security tools are as easy to deploy as possible. Safety Net covers all MasterCard, Maestro and Cirrus processed debit, credit and commercial transactions and is already integrated into the MasterCard global payment network – which means issuers do not need to take any action to participate.
Safety Net is an external layer of security complementing the issuing banks’ own tools and defenses. By using sophisticated algorithms and by monitoring different channels and geographies to provide the most appropriate level of support for each market and partner business, Safety Net adds a new level of protection into the payment system without any disruptions to the network.
With its global view of payment transactions, the MasterCard Network can identify potentially catastrophic fraud problems in real-time and invoke targeted measures to provide protective controls on an issuer’s behalf. For example, Safety Net can provide selective authorization controls to block specific transactions based on multiple criteria.
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