For theft, cloning and leaks, banks met to address the security challenges.
During some conferences at the Mastercard Lock Innovation Forum 2018 in Miami, the new security standards for bank cards were presented. Some banks will begin to implement them in Chile.
According to a report from La Terra, Chile is the leading country in Latin America with a contactless payment. In the last month alone, MasterCard registered more than 10 million contactless transactions in the country.
Given the fact, it was mentioned that Banco Santander has implemented some security complements. In principle, they will not renew the deal with Transbank. "When they are set by MasterCard, or even with our competitors, they have access to tools and solutions that the local provider does not have the possibility of integrating, so the largest bank in Chile, Santander, will switch to us, and He has done a great deal of security reasons, "said Patricio Hernandez, vice president of Security Solution.
Likewise, Santander will now have access to SafetyNet, which is a second layer of defense, where the card brand monitors all traffic and can even stop a transaction if they detect that there is some kind of fraud. Subsequently, they will access the Free Detection Service by which MasterCard monitors the number of cards in the so-called "dark web" and crosses the data with the activity of the network, to warn the bank in case they detect strange movement.
The last point, and no less important, is tokenize. With this system only the banks will receive the data from the users, so the stores will not store this information in their bases, one of the major factors in which both the data is filtered.
The latter adds an additional level of protection to sensitive data, because the card number of the customer is replaced by a series of randomly generated numbers (symbols). The idea is that this system was established in Chile.