July 29, 2015
MasterCard increasingly proves to be ahead of the cusp in their approach to multifaceted security innovation. On July 23, 2015, MasterCard opened its DigiSec Lab to customers. The top-secret digital security facility is believed to be located in a rural area near London, England.
The MasterCard DigiSec Lab is one of many security plans developed by the company to further improve new and existing products. As MasterCard is on the forefront in the global electronic payments space, the need for compliance, risk management, and data security initiatives are at the top of their radar. By partnering with lead academics and government security agencies, MasterCard is increasing their efforts to dissect key issues that are potentially looming over the minds of valued customers.
In an official press release by MasterCard, the company revealed some of the thorough data security research conducted at the facility:
Whether testing the latest in EMV chip cards, mobile payments or biometric authentication, the MasterCard DigiSec Lab team deconstructs the technology to identify opportunities to strengthen it and continue to protect consumers, merchants and financial institutions from fraud.
Every day, they are tasked with uncovering potential threats and problems most people don’t even know exist. To aid in these efforts, the team fires lasers at payment cards, normally used in deep astronomy, and uses X-ray machines to analyze gadgets used by hackers, in addition to other activities.
The increased pace of technological change, along with the digital profile of today’s connected consumer, has created the need for greater collaboration and knowledge sharing. The broadened mandate of the lab will help jointly problem solve for fraud and risk by activating its tools, unique broad network view and technical know-how.
The MasterCard DigiSec Lab works in close partnership with other groups – including Information Security, Emerging Payments and MasterCard Labs – to deliver a multi-layered approach to address security risks and concerns wherever they may arise.
Press Release: MasterCard Opens its Digital Security Lab to Customers, July 2015
With an incessant focus on researching all types of threats hackers pose to digital payments, MasterCard is proactively addressing customer concerns in a unique way, which can deliver greater payments peace of mind. This type of client service provider collaboration reinforces customer loyalty and provides an incentive for other electronic payment providers to take actions as well.
While consumers now have access to new payment technologies that can increasingly benefit their customer experience, payment providers are battling cyber security precautions against some of the most sophisticated hackers of all time. Though testing is being conducted in a secure environment, LTP will keep a close watch over the coming months as new developments unveil.
MasterCard is a technology company in the global payments industry. MasterCard operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.