Mastercard Unveils Scam Protect to Combat Fraud
(25 April 2024 – United States) Mastercard has launched Scam Protect, a suite of advanced fraud-detection tools designed to help banks identify and prevent scams.
The initiative aims to address escalating risks related to instant-payments fraud, where criminals deceive bank customers into sending funds instantly for fake purchases or to counter alleged account hacks. Mastercard combines identity verification, device identity, behavioural biometrics, artificial intelligence (AI) and open banking capabilities within Scam Protect.
“As fraudsters become more sophisticated, stolen funds are difficult to track and recover, because criminals create exit ramps for the money to leave the ecosystem where it's split, sent to different global geographies, and cashed out or sent into a crypto trading platform” commented Mastercard Executive Vice President of Identity Solutions Chris Reid.
By combining identity verification, device identity and behavioural biometrics with AI and open banking capabilities in a single product suite, Mastercard hopes to provide banks with more tools to score risky transactions and block them before losses occur, Mr. Reid added.
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