MasterCard has launched a software to protect banking systems and processors from cyber hacking attacks.
The software, dubbed Safety Net is designed to add a layer of protection to payment systems using specialised algorithms. It will work alongside security tools already used by banks and will use MasterCard's global network to recognise patterns leading up to an attack, to prevent potential hacks before they have even taken place.
Ajay Bhalla, president of enterprise security solutions at MasterCard, believes the software will stop fraud or attacks before many banks and payment processors have even noticed it is happening.
He said: "SafetyNet is complementary to the bank's own tools but adds a new level of protection to the payment system. It monitors different channels and geographies, and provides the most appropriate level of support for each market and partner business by using sophisticated algorithms.
"For the consumers there are the security tools you can see, including the chip on the physical card or the SecureCode screen when at your online checkout. Through the launch of SafetyNet, MasterCard is taking further steps to secure the payment data and transactions for both the retailer and the issuer."
Card supplier security is essential in preventing criminals using stolen details to commit cyber crime.
US bank JP Morgan recently confirmed a data breach, which affected up to 76 million households and seven million small businesses.
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