Mastercard has launched a a service, called Threat Scan, to help banks proactively identify potential vulnerabilities in their authorisation systems.

According to the Boston Consulting Group, cyberattacks hit financial services firms 300 times more often than companies in other industries.

Mastercard's new offering is designed to complement card issuers' existing fraud tools by simulating known fraudulent attacks on issuers and pinpoints authorisation security weaknesses. Issuers can see the scan results immediately and take action to shore up their weak links.

Johan Gerber, EVP, security and cyber innovation, Mastercard, says: "Threat Scan enables our customers to stay one step ahead, act faster and minimize the risks that expose them to attacks. As cyberattacks grow in scale and sophistication, it is critical that we advance trust in our payments system."