Mastercard’s Chris Reid: Fighting Fraud Side by Side with Startups
Chris Reid, executive Vice President, North America Services at Mastercard, caused quite a stir at Money20/20 in November when he dropped some sobering facts on stage. Mastercard, he said, is stopping 700,000 attacks every hour. "35% of all web traffic is fraudulent," he said. "49% of all login attempts are fraudulent." But despite these frightening numbers, Reid is upbeat about his work, and one of the things that cheers him up are the advances made by cybersecurity startups, whose participation he welcomes. Mastercard has a strong history of engagement with the startup community, having acquired a number of startups over the years, and operating its global Start Path program that helps scale startups in Mastercard's ecosystem. Reid spoke of his background in retail and the pressing need to always design financial products with security at the center.