MasterCard is dedicating $20 million to the development of cyber security related technology for its US payments network.

Cardholders, merchants and issuing banks in America will see the first benefits of this investment, when the payment provider launches MasterCard Safety Net in the country this spring.

The solution is designed to reduce the risk of fraud or cyber attacks before issuers and processors notice the threat. MasterCard said that it would provide an independent layer of security on top of the tools and policies of financial institutions, by monitoring and blocking specific transactions based on selected criteria.

MasterCard also announced the trial of “next generation” cardholder security. Later this year, it will link up with the First Tech Federal Credit Union to roll out a pilot programme that will enable consumers to authenticate and verify their transactions using a combination of unique biometrics, such as facial and voice recognition and fingerprint matching.

Chris McWilton, president for North American Markets at MasterCard, said: “These new activities will help us continue to deliver the tools and solutions that instill a peace of mind by protecting each transaction that crosses our network.

“While progress is being made with the move to EMV and mobile payments, our continued investments reinforce the efforts we are taking to protect the payments system for cardholders, merchants and issuers. That’s at the heart of what our cardholders expect when they see our brand mark.”

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