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May 29, 2014

MasterCard beefs up US cardholder security

In the wake of major data breaches at high-profile companies, MasterCard has strengthened security for its cardholders in the US.

By Verdict Staff

In the wake of major data breaches at high-profile companies, MasterCard has strengthened security for its cardholders in the US.

MasterCard said all of its credit, debit, prepaid and small-business cards issued in the US will now come with the company’s identity theft resolution assistance, which helps cancel missing cards and alert credit reporting agencies.

The company is also extending its zero liability policy in the US to include all MasterCard PIN-based and ATM transactions.

Zero-liability protection currently covers card transactions that require a customer’s signature but does not apply if an account holder’s personal identification number (PIN) was used for unauthorized transactions. The new policy will take effect in October.

Zero-liability protection means the account holder will not be held responsible for unauthorized transactions.

MasterCard president for North American markets, Chris McWilton, said that fraud prevention and detection is a 24/7 job at 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," McWilton added.

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