- FCA publishes its annual Sector Views
- Huntswood comments on FCA annual Sector Views
- HBSC profits down by a third and around 35,000 jobs to go-Signavio comments
- HSBC offering a comparison site exclusive cashback deal to new customers through money.co.uk and Uswitch
- Payments through Pay.UK reached an all-time high in 2019
- Equifax says quality of data is top priority for credit industry in 2020 and beyond
- Flywire acquires Simplee and also announces $120m Series E investment round led by Goldman Sachs expired
- Moneyfacts says the average UK long-term fixed savings rates are at their lowest point since May 2017 expired
- Mastercard developing its first European Cyber Resilience Centre expired
- Monzo to have a second go at launching its premium account offering expired
- FCA impose fine of £2.77m on Moneybarn expired
- FCA bans a number of online credit broking adverts issued by Rix Motor Company expired
8th October 2019
Mastercard launches Threat Scan to assess bank fraud exposure
Mastercard has launched Threat Scan, a unique global service that helps banks proactively identify potential vulnerabilities in their authorisation systems. The service was showcased at the recent Mastercard Cybersecurity Summit in Croatia.
With cyberattacks on the rise, implementing fraud technology tools may not be enough to mitigate the risk. Threat Scan complements an issuer’s existing fraud tools by proactively imitating known criminal transaction behaviour to assess their authorisation system responses before exploitation and fraud loss can occur.
“Our customers increasingly rely on us to provide solutions that help make their systems safer and more secure. Threat Scan enables our customers to stay one step ahead, act faster and minimise the risks that expose them to attacks. As cyberattacks grow in scale and sophistication, it is critical that we advance trust in our payments system,” said Johan Gerber, executive vice president, Security and Cyber Innovation, Mastercard.
Using an evolving array of test scenarios from Mastercard global insights into criminal behaviours, the Threat Scan application simulates known fraudulent attacks on issuers and pinpoints authorisation security weaknesses. As cyber criminals identify new ways to gain access into a system, the scenarios can be added to the range of tests and instantly ran against systems globally. When the scan is completed, issuers will see the results immediately in the Threat Scan application report pane. The resulting insights enable issuers to assess their fraud exposure and take targeted actions that shore up the weakest links in their defences before fraud occurs.
“Threat Scan is part of our multi-layered security strategy to secure the payments ecosystem. Customers who participated in our pilot told us they gained valuable insights into how to secure their authorisation systems against future attacks. Many were surprised by what we found,” said Mr Gerber.