MasterCard Bolstering Fraud, Identity Theft Protection for U.S. Cardholders

MasterCard said Wednesday that it is expanding its efforts to protect U.S. cardholders from fraud and identity theft.
All MasterCard credit, debit, prepaid and small business cards issued in the U.S. will now carry “Identity Theft Resolution” assistance, the payments processor said.

The service helps consumers by canceling missing cards and alerting credit reporting agencies, as well as targeting searches to detect if stolen personal and confidential data appears online.
The U.S. card market is moving into a new era of fraud and theft protection following last year’s massive data breaches at Target and other retailers. The industry is currently adopting newer “EMV chip” card technology.
“Fraud prevention and detection is a 24/7 job at MasterCard,” said Chris McWilton, president, North American Markets for MasterCard. “The changes that we’re making in cardholder protection combined with our efforts to move the U.S. payments industry to EMV chip technology will help deliver safer shopping experiences to consumers.”
MasterCard is also extending its zero liability policy in the U.S. to include all MasterCard PIN-based and ATM transactions.
This is in addition to coverage already provided on signature debit and credit transactions.
MasterCard-branded consumer or small business cards are covered by this coverage if fraudulently used in stores, online or at ATMs.
Banks and financial institutions issuing MasterCard-branded cards provide financial indemnity against fraud. The Identity Theft coverage extension begins in July 2014.The Zero Liability coverage extension takes effect in October 2014.

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