Launches Multi-Million Dollar Investment in Next Generation of Payment Technology to Drive Security PURCHASE, N.Y. – February 12, 2015 – MasterCard today unveiled plans to invest more than $20 million in cybersecurity-related technology enhancements to deliver greater peace of mind for MasterCard cardholders, merchants and issuing banks.“These new activities will help us continue to deliver the tools and solutions that instill a peace of mind by protecting each transaction that crosses our network,” said Chris McWilton, president, North American Markets, MasterCard. “While progress is being made with the move to EMV and mobile payments, our continued investments reinforce the efforts we are taking to protect the payments system for cardholders, merchants and issuers. That’s at the heart of what our cardholders expect when they see our brand mark.”Bank Safety LayerThis spring, MasterCard will launch MasterCard Safety Net in the U.S. The solution is designed to reduce the risk of fraud or cyberattacks before issuers and processors might notice the threat. It provides an independent layer of security on top of the tools and policies of financial institutions, by monitoring and blocking specific transactions based on selected criteria.MasterCard Safety Net is designed to intervene only in extreme cases to block fraudulent activityPiloting the Next Generation of Cardholder SecurityLater this year, MasterCard and First Tech Federal Credit Union will roll out a pilot program that will enable consumers to authenticate and verify their transactions using a combination of unique biometrics, such as facial and voice recognition and fingerprint matching. This initial test has the potential to deliver greater security to U.S. cardholders without compromising the ease and convenience Americans have come to expect today when using their credit and debit cards.“We are excited about partnering with MasterCard on this cybersecurity initiative. As the nation’s leading credit union serving the technology sector, we remain committed to providing our members with leading edge security to protect their identity and financial interests. The MasterCard cybersecurity concept is innovative, and a big step towards this commitment. We look forward to helping MasterCard bring this new technology to our member cardholders throughout America,” said Greg Mitchell, president and chief executive officer of First Tech Federal Credit Union.Affirming Peace of MindMasterCard continues to deliver core card features and enhanced protections to ensure safer and more convenient shopping experiences for all consumers. Among these features are:
More information is available at www.mastercard.com/peaceofmind.About MasterCardMasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.About First Tech Federal Credit UnionFirst Tech Federal Credit Union is a $7.35 billion institution headquartered in Mountain View, Calif. It is the nation’s premier credit union serving the world’s leading technology-oriented companies and their employees, including HP, Microsoft, Agilent, Intel, CISCO, Amazon, Nike, CH2M Hill, Intuit, Google and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to its 380,000 members through its 40 branch locations, more than 5,000 CO-OP Branch locations, 30,000 CO-OP Network ATMs and 286,000 ATMs nationwide. First Tech offers a full range of banking services, including traditional banking, mortgage, financial planning and insurance services. For more information, visit firsttechfed.com.