MasterCard announced on Tuesday the addition of identity theft assistance for all of its credit, debit, prepaid and small business cards issued in the U.S. as part of an effort to combat fraud.
“Fraud prevention and detection is a 24/7 job at MasterCard,” MasterCard North America President Chris McWilton said. “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.”
The identity theft resolution assistance program will help cardholders cancel any missing cards, alert credit reporting agencies and check for the use of stolen personal data online.
MasterCard also said it would extend its zero liability policy to include all U.S.-based MasterCard PIN and ATM transactions, in addition to the current signature debit and credit coverage. The identity theft coverage extension begins in July, while the zero liability coverage will not take effect until October.
“Cardholder protection is a primary responsibility for payment networks,” Nick Holland, a senior payments analyst at Javelin Strategy & Research, said. “It’s a positive step that MasterCard is offering increased protections and peace of mind to its cardholders as the U.S. market prepares for EMV.”