Mastercard

Mastercard Debuts Canadian Intelligence And Cyber Center

Mastercard

Mastercard has launched a new center called the Intelligence and Cyber Centre in Vancouver, Canada, focused on speeding innovation in artificial intelligence (AI), cybersecurity and Internet of Things (IoT), according to a release

The Vancouver center, which will create 380 jobs, is going to be one of six planned spaces for the financial company to pursue cyber solutions around the world.

“Ensuring payments are both convenient and secure has always been a top priority for Mastercard,” said Ajay Banga, president and chief executive officer of Mastercard. “The Vancouver centre will help us meet the growing demand for technology solutions to reduce the cost of cyber-attacks, enable today’s connected devices to become tomorrow’s secure payment devices, and address the growing vulnerabilities associated with the Internet of Things.”

The center is being opened as a team-up with the Canadian government and its Strategic Innovation Fund. Mastercard is investing $510 million.

“As Canadians use connected devices more and more, including for sensitive financial services like banking, they want to know that their data and privacy are protected,” said the Honourable Navdeep Bains, minister of innovation, science and industry. “Our government is investing in a new cybersecurity centre in Canada to develop the technology solutions Canadians and people all over the world need to protect their personal and financial information when they use their devices. This will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada — an estimated $3 billion a year.”

The investments illustrate Mastercard’s commitment to supporting technology and innovation in the country. Mastercard has been busy in Canada; in 2017 it acquired NuData Security and in 2019 it acquired Ethoca from Toronto, which brought in biometrics and fraud resolution solutions.

“Expanding our presence in Canada allows us to tap into the country’s talented workforce and thriving technology ecosystem, to help bring innovations to market even faster,” Banga said.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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