MasterCard now offers an anti-fraud tool called SafetyNet, designed to protect banks and payment processors against hackers.
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. MasterCard is utilizing a multi-layered defense to protect the data of issuers, acquirers, retailers and consumers. The anti-fraud tool monitors different channels and geographies.
"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," Ajay Bhalla, president of enterprise security solutions for MasterCard, said in an Oct. 2 news release. "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."