Secured Mastercard

By: EconomyWatch   Date: 6 October 2010

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EconomyWatch

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Introduction

Secure Master Card refers to the Master Card which guarantees secured transactions and protection from unauthorized usage of the card. There is no doubt that MasterCard Company has succeeded in providing Secure Master Card to their customers by developing various Security Innovations and by working with Law Enforcement Agencies.

Steps taken by MasterCard to provide Secure Master Card

  • MasterCard has set up some rules for the Master Card accepting retailers and businesses which they should abide by. They have to meet the Payment Card Industry Data Security Standard, so that MasterCard is assured that the Data Security System implemented protects account data properly through out the transactions.

  • To offer customers Secure Master Card, MasterCard has incorporated a multi-level Fraud Monitoring System. This system monitors transactions of all Master Card Accounts and if they find any activity which is consistent with fraud, they take the matter to the Master Card issuing bank. The card issuing bank also monitor the transactions closely and notifies the particular Master Card holder whenever they become sure that unauthorized usages are taking place.

  • For providing Secure Master Card, MasterCard Company has involved FBI, State Attorneys General and other secret services to work towards achieving complete fraud protection for Master cardholders. These Law Enforcement Agencies stop the fraudulent activities when they happen and also prevent future occurrence of such activities.

  • To make the Master Card transactions more secure MasterCard has developed some security innovations which perfectly comply with the industry standards. These Security Innovations by MasterCard are the following:


    1. MasterCard Secure Code-This unique code is known only to the particular Master Card holder and the issuing bank. This code ensures the security of the transactions made at the time of online shopping with the Master Card.
    2. Holomag- This Security Innovation is a combination of Magnetic Strip functionality and Hologram security. Under this system tamper-evident Signature Panel is used.
    3. MasterCard PayPass-Using this device cardholders can make secure purchases without swiping or dipping their Master Card.
    4. Chip Technology-Not all but some of the Master Cards contain a Chip which act as a small computer working towards carrying safer and secured transactions.


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