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Mastercard Transforms the Fight Against Scams With Latest AI Tech

April 29, 2024 by Robert Lewis Leave a Comment

Now more than ever, scammers are taking advantage of the latest technologies like AI to deceive people.

According to the FBI, across the United States people lost $12.5 billion to internet scams in 2023 alone. In the UK, fraudsters were responsible for nearly 1.4 million thefts during the first half of 2023 – the equivalent of one every 12 seconds.

To combat the growing threat of scams, Mastercard has announced Scam Protect, a suite of specialized solutions powered by cutting-edge AI technologies, which help identify and prevent scams. Mastercard is also partnering with organizations across the ecosystem to fight scams.

“Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize,” said Chris Reid, EVP of Identity Solutions, Mastercard.

Mastercard protects users from scams and fraud through a combination of identity verification, biometric technology, artificial intelligence, and open banking. The Mastercard Identity system verifies that account holders are who they claim to be, which helps prevent fraudulent account takeovers and openings. The company’s behavioral biometrics technology monitors users’ physical interactions with devices to detect unusual behavior, potentially identifying scam attempts when payments are initiated.

RELATED: The Future of Authentication Is Without Passwords

Mastercard’s AI-powered Consumer Fraud Risk solution provides banks with real-time intelligence to prevent scams. This technology, effective in the UK, helps banks stop payments to scammers before funds are sent. Mastercard Open Banking allows banks to validate account ownership and identity details in real-time, contributing to more secure payments.

Beyond technology, Mastercard collaborates with industry partners like Verizon to combine identity insights with network technologies to block scammers. Banks such as NatWest use AI solutions to detect and prevent scams, while other collaborations with companies like Entersekt focus on additional biometric verification for higher-risk transactions.

Mastercard also supports consumer advocacy and education through the Global Anti-Scam Alliance, promoting awareness about scams and providing tools for consumers to fight them. These efforts aim to create a safer financial environment for all users.

Image: Mastercard

Filed Under: News Tagged With: Mastercard

 
 

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