PURCHASE, N.Y.—MasterCard said it will invest more than $20 million in cybersecurity-related technology enhancements and will also be piloting a biometrics security program with First Technology FCU.
Later this year, MasterCard said it and First Tech Federal Credit Union, San Jose, Calif., will pilot a program that will enable members to 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,” MasterCard said.
Meanwhile, while MasterCard, Visa and others continue making progress toward compliance with the October deadline for EMV, the company will in the spring launch “MasterCard Safety Net,” which it said 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 said. “MasterCard Safety Net is designed to intervene only in extreme cases to block fraudulent activity.