MasterCard Provides SafetyNet for Banks, Processors (Oct. 2, 2014)
MasterCard has launched SafetyNet, a global tool for banks and processors to mitigate the risks of cyber hacking. SafetyNet uses MasterCard’s global network to identify potential attacks before they start and, in some cases, before the bank or processor is even aware, by using multiple layers of defense, according to an announcement. MasterCard’s SafetyNet complements issuing banks’ own tools but adds another level of protection by monitoring different channels and geographies using sophisticated algorithms to provide an appropriate level of support for each market and business. SafetyNet already has been integrated into the global payment network, MasterCard said. Security is the No. 1 priority for anyone looking to make a payment, said Ajay Bhalla, president of enterprise security solutions at MasterCard, who stressed that breaches and media headlines can erode trust and confidence.
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