Mastercard Launches Start Path Security Solutions Program to Support Cybersecurity Startups

Mastercard Start Path takes on cybersecurity startups

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. OneID, Scamnetic, Spec, VanishID and Shield-IoT are the first startups to participate following a competitive global application and vetting process. This new program is the latest extension of Start Path, Mastercard's award-winning global startup engagement arm, which offers support for startups to scale innovative solutions in specialized areas such as blockchain, digital assets, emerging fintech, open finance, small business, acceptance and more. Since its inception in 2014, Mastercard Start Path has welcomed over 475 startups across more than 60 countries - many of which are entering public markets, reaching unicorn status and exploring extended commercial engagements with Mastercard and its customers. Start Path's Security Solutions program supports Mastercard's broader commitment to securing the digital economy. Since 2018, Mastercard has invested more than $10.7 billion in cybersecurity innovation, with a portfolio including value-added services, strategic acquisitions and partnerships, and fraud prevention technologies. As new threats emerge and the cost of cybercrime continues to climb -- anticipated to reach $15.6 trillion by 2029 -- Mastercard expanded Start Path to help flexible, adaptable businesses accelerate how they identify and respond to future security challenges. Meet the startups: From AI-powered threat detection to IoT security to identity solutions, these startups are tackling some of the most urgent challenges facing consumers, businesses and governments today. OneID is a digital identity assurance technology that uses bank-based verification methods to provide a document-free way to verify customer credentials securely. "We wanted to create a simpler, more secure, and inclusive way - that was also entirely digital - to verify customers' identities so users could access the services they needed more quickly," says Rob Kotlarz, founding director. Scamnetic provides patented, AI scam-detection technology that detects and prevents a wide range of scams -- from phishing to deepfakes -- helping protect consumers in real time. "As a banker turned researcher, I was in awe of how rapidly financial technology was evolving but also increasingly concerned because it felt like criminals were often among the first adopters," says Al Pascual, CEO. "We've seen the consequences of that, which is why I firmly believe that the future of fintech is one where security is no longer an afterthought." Spec invisibly monitors the entire customer journey during a digital transaction to help brands detect and stop fraud, bots and abuse in real time and on a global scale. "I started Spec after watching even the most advanced merchants lose ground to smarter fraud and fragmented defenses," says Nate Kharrl, co-founder and CEO. "The future of digital commerce demands real-time visibility -- so we can tell the good users from the bad ones before they can access the money." VanishID helps enterprise security teams protect their employees by finding and removing exposed personal data publicly accessible online. "In a world where every click, transaction and connection leaves a trail, privacy isn't passive," says Matt Polak, founder and CEO. "It must be engineered, defended, and maintained ruthlessly. VanishID helps security teams protect against cyber and physical threats fueled by exposed personal information online. " Shield-IoT secures mass-scale IoT networks, providing merchants with visibility, threat management and compliance for their cellular-based payment devices. "With Shield-IoT, merchants can secure their cellular IoT payment devices, such as point-of-sale terminals, EV charging stations and connected cars, without any network changes or integration efforts," says Udi Solomon, founder and CEO. "Our AI-powered SaaS platform enterprises and SMBs with unprecedented insights and control, automatically safeguarding personal data, protecting critical services and meeting regulatory compliance requirements, allowing businesses to confidently embrace the evolving landscape of contactless payments as a result." Securing the digital economy at scale Over the years, Mastercard has doubled down on its commitment to cybersecurity through acquisitions, cutting-edge tools, and strategic partnerships. Recently, Mastercard acquired Recorded Future, the world's largest threat intelligence company. Mastercard is dedicated to creating a higher standard of trust in the payment ecosystem, democratizing cybersecurity to create new opportunities for businesses. Its suite of cybersecurity services focuses on assessing cyber risk exposure, providing AI and other technology-driven innovations to protect the digital environment and making continuous advancements to organize trust for people and businesses around the world.  Mastercard also broadens protection across networks and geographies through collaborations with entities such as the Global Anti-Scam Alliance. "Security is the cornerstone of trust," says Johan Gerber, executive vice president and head of Security Solutions at Mastercard. "It is essential to fueling digital commerce in an increasingly connected world, where new threats emerge all the time. By partnering with startup innovators who are already working to protect our ecosystem, we are accelerating co-creation and knowledge-sharing  --  shaping a safer, smarter digital future."

Mastercard Launches Program to Support Cybersecurity Startups | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. The company's Start Path initiative now includes a "Security Solutions" program dedicated to supporting startups in the fields of cybersecurity, fraud mitigation, digital identity and payment resiliency, Mastercard said in a Tuesday (July 1) news release. "As new threats emerge and the cost of cybercrime continues to climb -- anticipated to reach $15.6 trillion by 2029 -- Mastercard expanded Start Path to help flexible, adaptable businesses accelerate how they identify and respond to future security challenges," the release said. Among the startups are OneID, which employs bank-based verification methods to provide a "document-free way" to verify customer credentials, and Scamnetic, which offers AI scam-detection technology to protect against things like phishing and deepfakes. Joining them is Spec, which "invisibly monitors" digital transactions to help brands spot and prevent fraud, bots and abuse, and VanishID, which helps companies protect employees by finding and removing exposed personal data publicly accessible online. Lastly, there is Shield-IoT, which secures mass-scale IoT networks, to offer merchants "visibility, threat management and compliance" for cellular-based payment devices. "Security is the cornerstone of trust,"said Johan Gerber, executive vice president and head of security solutions at Mastercard. "It is essential to fueling digital commerce in an increasingly connected world, where new threats emerge all the time. By partnering with startup innovators who are already working to protect our ecosystem, we are accelerating co-creation and knowledge-sharing  -- shaping a safer, smarter digital future." In other cybersecurity news, PYMNTS spoke recently with Belsasar Lepe, co-founder and CEO of Cerby, who stressed that the need to secure digital identities has never been urgent, given the rise of artificial intelligence (AI). "We're in a modern situation," Lepe said, "where that same technology ... can be used to deliver a better personalized experience, but it can also be used to deliver a more personalized, risky experience, where you're tricked into engaging with someone that isn't who they claim to be." Lepe was candid about the evolving threat landscape, describing it as "fundamentally unfair and very asymmetric," where defenders need to be perfect while attackers need to only succeed once. What's disturbing, he added, is how quickly malicious actors have embraced generative AI, using it for things like phishing schemes powered by AI-written scripts or to craft convincing deepfakes of executives. "The attackers have been more adept at adopting these technologies," Lepe said. "The rate of incorporation on the attacker side has been faster."