Payments giant Mastercard is rolling out a new advanced fraud prevention service to better manage the card reissuance process in the Eastern Europe, Middle East and Africa (EEMEA) region.
Dubbed ‘Account Intelligence Reissuance’, the new Mastercard product will leverage its AI technology and network purview to crack down on card fraud that costs card issuers and merchants billions of dollars each year. Mastercard plans to assess the level of risk associated with a card and provide AI-driven actionable recommendations about which cards need to be monitored or replaced.
Currently, issuers often sort primary account numbers based on risk level and reissue their compromised cards to prevent further unauthorised transactions. However, this process is costly and requires manual intervention.
Recognising these challenges, Mastercard Account Intelligence Reissuance looks to streamline and automate the process, stepping up fraud prevention efforts, addressing both physical and digital card skimming. Mastercard plans to roll out the solution in Asia Pacific, North America and Latin America later this year.
“At Mastercard, we have developed a comprehensive portfolio of fraud products that offer valuable and advanced insights and data,” explained Selin Bahadirli, executive vice president, services, EEMEA, at Mastercard. “We are delighted to expand our proposition with Account Intelligence Reissuance that goes one step further by allowing issuers to aggregate data, measure risk and prioritise the most compromised cards for reissuance. Powered by our world-class AI technology, this highly accurate solution will significantly enhance credit card fraud prevention and customer protection efforts across the industry.”
AI-assisted enhancements
As the digital economy expands, and with new fraud types emerging, Mastercard says it is continually evolving its capabilities to better protect customers and consumers at all stages of the payment lifecycle. Mastercard’s Decision Intelligence capabilities help to protect its customers and cardholders from fraud across Mastercard’s 159 billion transactions per year.
Generative AI enhancements to Mastercard’s solutions have also enabled issuers to assess account, purchase, merchant and device information faster, making it easier to detect fraud in real time.
Mastercard is also leveraging AI through its Centre for Advanced AI and Cyber Technology in Dubai, established in collaboration with the UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office.
Drawing on Mastercard’s technical knowledge and expertise, the initiative aims to enhance AI capabilities and readiness in the region. The pioneering AI solutions developed at the Centre are helping detect cyberattacks, data breaches and fraud, making the digital ecosystem safer for governments, banks, merchants and consumers.
Source: https://thefintechtimes.com/
