Mastercard reveals Threat Scan to identify bank fraud vulnerabilities

Wednesday 2 October 2019 10:52 CET | News

Mastercard has unveiled a new global service dubbed Threat Scan, which helps banks proactively identify potential vulnerabilities in their authorisation systems.

As per the Boston Consulting Group, cyberattacks hit financial services companies 300 times more often than companies in other industries. Considering the raise of these threats, Threat Scan complements an issuer’s existing fraud tools by proactively imitating known criminal transaction behaviour in a bit to assess their authorisation system responses before exploitation and fraud loss can occur.

The new 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. Once 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 defenses before fraud occurs.

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Keywords: MasterCard, launch, Threat Scan, bank fraud, criminal transactions, authorization, security, fraud prevention, fraudulent attacks, cyberattacks, financial services
Countries: World

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