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MasterCard Statement on White House Payments Security Event

Following today’s White House event highlighting efforts to migrate the United States to EMV chip payment technology, Chris McWilton, president of North American Markets, noted:

“The U.S. is in the midst of an era of innovation – payment security will change more in the next five years than it has in the previous 50.  The safety and security of our cards, our solutions and our network are the core promise of MasterCard.

EMV lock“Today’s announcement highlights the importance of the investment that the industry is making in the migration to EMV and further enhancing the security of the U.S. payments system.  Our commitments today and throughout this process reinforce our long history of leading the industry through investment and innovation designed to ensure our cardholders, merchants and issuers benefit from the latest security solutions.”

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Some of the MasterCard security innovations from the past 12 months include:

  • Oct. 2013 (Press release): Creating the security standard by offering chip level security for all online and mobile transactions (tokenization)
  • April 2014 (Blog post): Launching the safest backbone (MasterCard Digital Enablement Services) that leverages industry-standard EMV cryptography to ensure transactions can take full advantage of the most secure payments technology in the world
  • Feb. 2014 (Press release): Creating the industry taskforce (Payment Security Task Force) focused on strengthen payment security for consumers and merchants resulting in the issuance of 575 million chip-enabled cards by the end of 2015
  • April 2014 (Press release): Protecting consumers by extending our Zero Liability Policy to all U.S.-issued MasterCard cards, becoming the only network to provide this peace of mind for PIN debit and ATM transactions
  • Oct. 2014 (Press release): Introducing SafetyNet, a global tool that helps issuers, retailers and processors identify potential attacks before they start
  • Ongoing: Offering all MasterCard credit, debit, reloadable prepaid and small business cardholders free, 24/7 identity theft resolution support and online identity monitoring services