MasterCard Initiatives Give Boost to Security (Oct. 20, 2015)
MasterCard is bolstering security on several fronts, launching tokenization for MasterPass and a new tool to help banks and processors reduce the threat of cyberattacks. MasterCard said yesterday it will integrate a fully tokenized checkout experience within MasterPass, using the MasterCard Digital Enablement Service (MDES), enabling consumers to shop more securely online or in-app from any connected device.
In response to requests from issuers offering MasterPass to their customers, MasterCard will be replacing personal account numbers (PAN) with a secure token for consumer credit, debit, commercial and prepaid cards stored in MasterPass. The token is a new 16-digit number that represents the existing PAN on the front of a payment card and is unique to each bank-connected. The tokenized MasterPass service will be available in the U.S. in 2016, followed by a rollout to all MDES-enabled markets worldwide, according to an announcement. The “Buy with MasterPass” button is currently found within the Websites and apps of more than 250,000 merchants globally.
The payments network also has launched in Europe its Safety Net, which is a global tool that helps banks and processors identify unusual behavior and potential cyberattacks, according to MasterCard. Issuers are automatically enrolled in the service, which covers all MasterCard, Maestro and Cirrus processed debit, credit and commercial transactions.
In February, MasterCard announced plans to invest more than $20 million in cybersecurity-related technology enhancements. The MasterCard Safety Net was launched in the U.S this spring.
Visa announced the launch of a similar initiative last week with security platform provider FireEye. Beginning late 2015, Visa Threat Intelligence will deliver real-time threat information to merchants and issuers so they can quickly assess and act on cyberattacks that could breach their payment systems, according to an announcement.