World-renowned card payment processor ‘MasterCard’ has announced that it is going to offer a prophylactic cybersecurity defense for banks that saves them from data breaches. The tool is basically designed to early detect cyber attacks carried out on external and internal data sources. Thus, it provides the insight intended to keep banks safe from almost all kinds of cyber threats.
Technically speaking, the tool is intended to give a detailed report to banks on their IT infrastructure’s vulnerabilities, valuable assets and weak points that could lead to critical data being exposed. It can be customized to send alerts to banks that come under threat, by offering a list of risks which can be experienced by them.
MasterCard is aiming to provide the new tool by this year end to all banks and financial organizations which are located globally. The tool can be useful to track fraud in all of the transaction channels.
MasterCard’s Early Detection System helps in identifying the following-
1) It helps to identify active criminal trading of account data
2) It also helps in identifying cards being tested prior to being used for fraud
3) It also helps track down the account data which is at risk but without sufficient evidence to declare an Account Data Compromise Event.
Ajay Bhalla, the president of enterprise risk and security at MasterCard said that the new tool will help banks to act swiftly and with greater precision to stop potential frauds before their occurrence.
Earlier, it used to take just 9 minutes for the details of a stolen card and account data to be used on the dark web. But MasterCard new tool will now combine Artificial Intelligence with big data and is trying to create an Early Detection System which will help banks to react quickly and pre-empt attacks.
