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MasterCard adds identity theft services for card holders

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PURCHASE, N.Y. (5/29/14)--MasterCard announced Wednesday that all credit, debit, prepaid and small business cards issued in the United States will now carry identity theft resolution assistance.
 
MasterCard is also extending its zero-liability policy in the United States to include all PIN-based and ATM transactions.
 
Account holders will not be held responsible for unauthorized transactions, MasterCard said.
 
"The changes that we're making in cardholder protection combined with our efforts to move the U.S. payments industry to Europay-MasterCard-Visa chip technology will help deliver safer shopping experiences to consumers," said Chris McWilton, MasterCard's president of North American markets.
 
Previously, the zero-liability protection didn't apply if an account-holder's personal identification number was used for unauthorized transactions.
 
Banks and financial institutions issuing MasterCard-branded cards provide financial indemnity against fraud. The identity theft coverage extension begins in July. The zero-liability coverage extension takes effect in October.