MasterCard has announced new enhancements intended to provide its U.S. cardholders with greater protection 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. MasterCard says its new program will provide help in canceling missing cards and alerting credit reporting agencies, as well as targeting searches to detect if stolen personal and confidential data appears online. The new Identity Theft coverage extension begins in July 2014.
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. The Zero Liability coverage extension takes effect in October 2014.
“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,” said Chris McWilton, president, North American Markets for MasterCard.
MasterCard noted that tanks and financial institutions issuing MasterCard-branded cards provide financial indemnity against fraud.