Credit card company also testing out voice and facial recognition.
MasterCard has launched a tool it claims can detect fraud in real time, and alert banks and payments processors to malicious behaviour.
SafetyNet is said to have already been integrated into the card company’s worldwide payments network, and will work with card issuers, retailers and consumers.
Ajay Bhalla, president of enterprise security at MasterCard said: "With SafetyNet we are really fast tracking the next generation of security solutions, which are designed to stop fraud or attacks before many of our partners have even noticed it is happening.
"We can do this because MasterCard’s SafetyNet operates as intelligent technology which can identify fraud in real time and decline a transaction before any exposure takes place."
He added that the company was trialling biometric authentication such as voice and facial recognition, tools that other financial firms have experimented with an even implemented to some degree.
Many banks and building societies already make use of two-factor authentication, which requires users to log in through a card reader that yields a single-use code for each banking session.