It’s the time of year, when many of us are preparing for summer holidays, and taking some well-earned time to relax with family, friends and switch off from work.
For MasterCard however it’s a busy time. Millions of people around the world are travelling abroad to enjoy themselves, and that means spending habits – and in turn security patterns – change.
Consumers want to know when they travel abroad they can buy drinks, dinner or anything they like with their card without having to think about whether their card will be accepted, or worse still, whether their card is at risk of fraud. At MasterCard safe summer travel is a priority. We know that with convenience and ease of acceptance, consumers still need the assurance of safety and security. Our specialist teams work around the clock to ensure that wherever you are in the world your card payments are secure.
More electronic payments will be made this summer as more of us reduce our reliance on cash, opting instead to use cards which are proven to be the safest way to pay.
Whether through money laundering, counterfeiting, or the black economy, cash is widely acknowledged as having the highest potential for fraud. As such the amount lost to fraud on major global cards is a mere fraction of that with cash, and with MasterCard’s advanced safety and security measures we have an even lower potential for fraud than the rest of the industry on both MasterCard and Maestro branded cards.
We know that safety and security is our cardholders’ number one concern and it’s always been our number one priority. Today we screen 1.8 billion transactions each month to identify and prevent fraud. We are at the forefront of deploying EMV technology – or chip & PIN – further around the world and these efforts have helped to reduce card fraud by 80%, but we want to go even further.
We are constantly working with our partners, banks, retailers, telcos and security authorities across the globe to develop new algorithms and new artificial intelligence systems that identify risks before they happen, to future-proof payment security. We are also developing new authentication techniques that include fingerprint, facial and voice recognition so in the future you won’t even need to remember passwords to pay for what you want.
We are also a driving force behind an industry-wide group that has been set up to learn from what has been done before and develop a road map for securing the payments ecosystem of the future.
While threats get ever more sophisticated, so too do the initiatives we take to stay one step ahead of any fraudsters. Of course, the public have a role to play too, and as such, it is our responsibility to give you guidance on what you can do to help keep you and your payments safe. Ultimately we want to make sure that every person, every payment and every card is protected – not just this summer, but every hour and every day of the year.