Mastercard Backs Five Cybersecurity Startups to Fight Fraud

Digital payments face an escalating battle against cybercrime, and Mastercard is doubling down on its defence strategy. The payments giant has launched a specialised Security Solutions programme under its Start Path initiative, bringing together five promising cybersecurity startups to tackle everything from fraud prevention to digital identity protection.

The timing couldn't be more critical. Cybercrime costs are spiralling towards an estimated US$15.6tn by 2029, making robust security infrastructure essential for the digital economy's future. Mastercard's response involves partnering with startups that offer fresh perspectives on age-old problems.

The selected companies—OneID, Scamnetic, Spec, VanishID, and Shield-IoT—emerged from a global application process, each bringing distinct solutions to the cybersecurity challenge. Rather than competing directly, these startups complement each other, covering different aspects of digital protection.

Fresh approaches to familiar problems

OneID, a UK-based company, is reimagining identity verification by leveraging existing bank data instead of traditional documents. "We wanted to create a simpler, more secure, and inclusive way that was entirely digital to verify customers' identities so users could access services more quickly," explains Rob Kotlarz, the company's founding director.

Meanwhile, Scamnetic tackles the evolving threat landscape with patented AI technology that detects scams in real-time, including sophisticated phishing attempts and deepfakes. CEO Al Pascual, who transitioned from banking to cybersecurity research, brings a unique perspective to the challenge.

"As a banker turned researcher, I was struck by how rapidly financial technology was evolving, but also increasingly concerned because criminals were often amongst the first adopters," Pascual notes. "We've seen the consequences of that, which is why I believe the future of fintech is one where security is no longer an afterthought."

Spec takes a broader view, monitoring entire user journeys to identify suspicious behaviour before it reaches the payment stage. Co-founder and CEO Nate Kharrl developed this approach after observing how even sophisticated merchants struggled against evolving fraud techniques.

"I started Spec after watching even the most advanced merchants lose ground to smarter fraud and fragmented defences," Kharrl says. "The future of digital commerce demands real-time visibility—so we can distinguish good users from bad ones before they can access the money."

VanishID addresses a different but equally pressing concern: leaked personal data. The company helps organisations remove exposed information from the public web, preventing its use in phishing or doxxing campaigns. Founder and CEO Matt Polak frames privacy as an active responsibility rather than a passive right.

"In a world where every click, transaction, and connection leaves a trail, privacy isn't passive," Polak explains. "It must be engineered, defended, and maintained ruthlessly. VanishID helps security teams protect against cyber and physical threats fuelled by exposed personal information online."

Shield-IoT rounds out the cohort by securing payment devices that rely on cellular networks, including EV charging points and point-of-sale terminals. The company's AI-powered platform requires no network changes or integration efforts, making it accessible to businesses of all sizes.

"Our platform gives enterprises and SMBs unprecedented insights and control, automatically safeguarding personal data, protecting critical services, and meeting regulatory compliance requirements," says founder and CEO Udi Solomon.

Building on substantial investment

This latest initiative builds on Mastercard's significant cybersecurity investments. Since 2018, the company has poured over US$10.7bn into cyber innovation, including acquisitions, partnerships and internal development. The 2024 acquisition of Recorded Future, the world's largest threat intelligence company, exemplifies this commitment.

The Start Path programme itself has supported more than 475 startups across 60 countries since its 2014 launch. The Security Solutions track represents a focused evolution of this broader strategy, addressing the specific challenges posed by increasingly sophisticated cybercrime.

Johan Gerber, EVP and Head of Security Solutions at Mastercard, positions security as fundamental to digital commerce growth. "Security is the cornerstone of trust," he emphasises. "It's essential to fuelling digital commerce in an increasingly connected world, where new threats emerge constantly.

"By partnering with startup innovators already working to protect our ecosystem, we're accelerating co-creation and knowledge-sharing—shaping a safer, smarter digital future."

The programme also reflects Mastercard's recognition that cybersecurity innovation often emerges from smaller, more agile companies.

By providing these startups with access to Mastercard's network, resources, and market insights, the company aims to accelerate the development and deployment of next-generation security solutions.

This collaborative approach extends beyond the Start Path programme through partnerships with organisations like the Global Anti-Scam Alliance, creating a broader ecosystem of protection that spans regions and sectors.

As digital payments continue expanding globally, the success of initiatives like Mastercard's Security Solutions programme may well determine whether the digital economy can maintain the trust essential for its continued growth.