Global: Mastercard’s Latest AI Technology Transforms the Fight Against Scams

Mastercard's Latest AI Technology Transforms the Fight Against Scams
Share this article

Mastercard has joined forces with Verizon, NatWest, and the Global Anti-Scam Alliance in a concerted effort to combat fraudsters, utilizing cutting-edge AI technology to counteract the increasingly sophisticated tactics employed by scammers.

In a recent announcement, Mastercard highlighted the escalating threat posed by scammers leveraging advanced technologies like AI to deceive individuals. The Federal Bureau of Investigation (FBI) reported that internet scams amounted to $12.5 billion in losses across the United States in 2023 alone. Similarly, in the UK, fraudsters orchestrated nearly 1.4 million thefts during the first half of 2023, equating to one theft every 12 seconds.

To address this growing menace, Mastercard unveiled Scam Protect, a comprehensive suite of specialized solutions powered by state-of-the-art AI technologies aimed at identifying and preventing scams.

Chris Reid, Executive Vice President of Identity Solutions at Mastercard, emphasized the evolving tactics employed by scammers and the critical role of technology in combatting their deception. He stated, “Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize.”

Mastercard’s AI-powered identity solutions integrate identity verification, biometrics, and open banking capabilities to safeguard consumers against a spectrum of scams, ranging from card-based transactions to fraudulent account openings.

Key components of Mastercard’s anti-scam arsenal include:

  • Mastercard Identity: Facilitates identity verification throughout the account lifecycle, crucial for thwarting scammers attempting fraudulent activities such as credit applications and fund transfers.
  • Behavioral Biometrics: Utilizes physical interactions across devices to detect suspicious behavior during account and payment transactions, enhancing fraud detection capabilities.
  • Consumer Fraud Risk Solution: Empowers banks with real-time intelligence to detect and prevent payments to scammers, offering an additional layer of protection for consumers.
  • Mastercard Open Banking: Enables real-time validation of account ownership and identity details during account-based payments, ensuring secure and frictionless transactions.

In addition to deploying advanced AI technologies, Mastercard is collaborating with industry stakeholders to fortify its anti-scam efforts:

  • Telecommunications Partnership with Verizon: Leveraging Verizon’s network capabilities and data analytics, Mastercard aims to develop advanced tools to block scammers across multiple channels.
  • Financial Institutions Collaboration: Banks, including NatWest, are utilizing Mastercard’s AI-powered solutions to identify and prevent fraudulent transactions in real-time, bolstering consumer confidence and security.
  • Consumer Advocacy: Mastercard is an active member of the Global Anti-Scam Alliance, advocating for safe transaction practices and consumer awareness campaigns to combat scams worldwide.

Through these strategic partnerships and innovative technologies, Mastercard is at the forefront of the fight against scams, safeguarding consumers and promoting trust in digital transactions.

Share this article

EMpact launches its venture studio in Côte d’Ivoire, heralding a new approach to impact investing in West Africa

Previous article

Nigeria Public Relations Week Highlights Importance of PR for National Development

Next article

You may also like


Comments are closed.

More in Global