Listen: Mastercard, Hannah Murphy, Scandinavia discussed on FT Banking Weekly
"Welcome to banking week.' from the financial times with me, Patrick Jenkins joining me in this day today, Hannah Murphy. Our financial correspondent, Stephen Morris, our European banking correspondent Caroline, Benham financial regulation correspondent and on a trip from Scandinavia. We have Richard Milne of Scandinavia correspondent this week. We'll be taking a look at MasterCard as it prepares for innovation in future. Look also at HSBC as it struggles with its investment banking advisory business. And finally yet more news about the money laundering scandal at Dansk Bank, I, though to massacred and last week, MasterCard and visa on a clutch of big banks proposed a six point, two billion dollar settlement with merchants over a long-running fees dispute. When we spoke to MasterCard's chief financial officer, Martino hunt middle. She refused to talk about that. On tape, but she did talk to financial correspondent Hannah Murphy about a clutch of other interesting topics I had asked her about cyber security and exactly what MasterCard was doing to deal with the risks that was showing up in the payment system. We have actually used a number of fraud products that we have internally and over the last many years, we actually figured out how to change those products so that the other stakeholders in the payments industry could use it. And then we build on top of it including making a number of acquisitions, there's very significant effort that you have to invest in your technology, right. The technology has to be built in a certain way that can with stand the tax ta- getting from Sabah security criminals, but even more important, you need to have fantastic resources in the company. So these are people who have a huge amount. Of skill set and to -cation background in this particular space. And in fact, today, I would suggest to you that we don't have enough people whom you can hire in the space, and they're a significant efforts going on to figure out how you can get the kits of the future to be going into these kinds of spaces, and hopefully be hired by companies like us. So how would you make that comment? She's obviously building up how well MasterCard is prepared for cybersecurity, but we've seen a lot of outages. Actually, a big is to get out rival visa a few weeks ago and also other payments systems. Did she sound from what she said to you as if they're confident that this could never happen to them and that this is something that they're on top of in the way others aren't. What struck me was the point around talent that she made that they're really trying to race to stay ahead of hackers and so- hiring in some big. Names run green, that chief information security officer, former US, special agent with the secret service. They've also hide from INTERPOL signals that there's a little bit of nervousness around this issue nervousness. But as you say, it probably is a bit of a war gang the right people in who are going to stay ahead of the curve. Exactly. Exactly. The other interesting point that she made was around data analytics and the kind of work that MasterCard is doing, what they wouldn't breach client confidences. They are very keen to exploit the commercial opportunity of aggregating data and honestly, and trying to exploit that in terms of."