MasterCard has launched software to protect banking systems and processors from cyber hacking attacks.
MasterCard’s SafetyNet is working alongside security tools already used by banks, but is designed to add a layer of protection to payment systems using specialised algorithms.
The SafetyNet software uses MasterCard’s global network to recognise patterns leading up to an attack to prevent potential hacks before they have taken place.
President of enterprise security solutions at MasterCard Ajay Bhalla said the software is designed to stop fraud or attacks before many banks and payment processors have even noticed it is happening.
"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,” said Bhalla.
More on MasterCard
MasterCard uses several layers of security to prevent attacks on electronic payments, including methods such as card chips, tokenisation and authentication to ensure transactions are genuine, and are being made by the correct person.
“For the consumer there are the security tools you can see, including the chip on the physical card or the SecureCode screen when at your online checkout. Through the launch of SafetyNet, MasterCard is taking further steps to secure the payment data and transactions for both the retailer and the issuer," said Bhalla.
Card supplier security is vital in preventing criminals using stolen details to commit cyber crime.
In September 2014, US retailer Home Depot launched an investigation into a data breach after banks noticed batches of stolen card details appearing on the black market.
US bank JPMorgan Chase recently confirmed a data breach which affected up to 76 million households and seven million small businesses.