Mon, Jul 28, 2014
MasterCard recently announced enhancements to its security efforts and protections for U.S. cardholders against fraud and identity theft.
As a part of the enhanced consumer protections, MasterCard is extending the zero liability policy to include all MasterCard PIN-based and ATM transactions; in addition to coverage already provided on signature debit and credit transactions.
MasterCard credit, debit, prepaid and small business cards will be provided with Identity Theft Resolution assistance. This new program provides cardholders with 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.
Credit Unions issuing MasterCard-branded cards will need to review new MasterCard requirements and may need to update cardholder agreements and notifications. The Identity Theft coverage extension begins in July 2014. The Zero Liability coverage extension takes effect in October 2014.