Mastercard pledges USD 250 mln for small business' security

Wednesday 8 April 2020 12:02 CET | News

Mastercard has announced a commitment of USD 250 million over five years to support small businesses in the US and other markets where they operate.

As per the commitment, Mastercard will provide US small business owners with access to necessary resources to help protect their business and their employees through free cyber vulnerability assessments and identity theft protection for the 28 million small businesses eligible to participate in the Small Business Administration’s Paycheck Protection Program. US small business owners will be provided access to the company’s Local Market Intelligence solution in order to help them understand consumer spending trends in their communities. 

The company’s USD 250 million includes financial, technology, product and insight assets to support the financial security and vitality of small businesses and their workers. This builds on Mastercard’s commitment to financial inclusion. Moreover, the company will help small business owners understand the cyber vulnerabilities of their system, as well as it will partner with them to prioritise the issues that need to be fixed first, with specific guidance on how to repair critical vulnerabilities. It is also offering identity theft protection for both small business owners and their employees to help them navigate any potential attacks.

In addition, Mastercard is making its Local Market Intelligence insights solution available through banks and fintechs, to help small business owners pivot operations and drive more effective marketing and promotions. The solution is accessible to any small business who accepts card payments. It provides insight into local retail sales patterns, leveraging Mastercard’s anonymised data.

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Keywords: MasterCard, small business, financial security, data protection, cyber vulnerability, identity theft, financial inclusion, attacks, banks, fintech, card payments
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime