He describedthe three dimensions of cybersecurity, the first being digital risk, securing every digital interaction through tools and solutions such as device biometrics, behavioral biometrics and account identity.The second area is financial risk, monitoring everything around transaction security tools. This includes solutions in account-to-account banking,crypto payments, and anti-money laundering. The last is cyber security that is focussed not just on one’s own organisationbut on the cyber posture of the eco-system of vendors, partners and other connected entities.  

Given the dynamic nature of financial transactions, Mastercard employs a multi-channel approach to security, addressing fraud across different payment rails such as card, account-to-account, and crypto payments. The company collaborates with various partners, both as a consumer and distributor of technology. Partnerships with companies like Vesta, Feedzai and NEC Corporation allow Mastercard to integrate its capabilities seamlessly into their solutions, providing a holistic and secure experience for consumers. 

One notable innovation is the Biometric Checkout Programme, which enables consumers to simply check the bill and smile into a camera or wave their hand over a reader to pay. The technology ensures a fast and secure checkout experience, while also lettingconsumers choose how they want to pay.   

Mastercard has been a pioneer in using artificial intelligence (AI)for cybersecurity, with every transaction on the Mastercard network undergoing scrutiny by multiple AI-based models. The acquisition in 2017 of Brighterion, a companyspecialising in pattern recognition and fraud management, has reinforced Mastercard’s abilityto stay ahead of fraud patterns. 

Adopting a future-oriented approach to risk management, the company is constantly upgrading to meet evolving threats. For instance,Mastercard has released a new quantum-resistant chip called ECos to tackle threats from quantum computing that could allow encryptions to be broken. 

Karthik emphasised that consumers should never have to choose between security and convenience.