MasterCard kicks off data security push

Filed under: — By Aviran Mordo @ 11:45 am

MasterCard International launched an initiative on Wednesday to help credit card-accepting merchants tighten up their protection of sensitive consumer data.

The credit card association is working with merchants to provide them with information, tools and support to help safeguard consumer data, Chris Thom, MasterCard’s chief risk officer, said in a statement. It is part of a broader effort by MasterCard to safeguard payment systems and to improve security in commerce.

“This is a critical part of our strategy for ensuring security in the payments system,” Thom said.

The effort is designed to combat credit card fraud amid increasing concerns about identity theft.

A main component of the new initiative focuses on online transactions. MasterCard is providing lower rates to sellers who adopt MasterCard SecureCode, a program that allows cardholders to enter a security code similar to a PIN when they make online purchases.

Online merchants that support SecureCode will be eligible for rates comparable to those for face-to-face transactions, up to a 16 percent reduction, MasterCard said. Typically credit card companies charge merchants more for online transactions.

Source: News.com


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