Mastercard Arms Issuers with Predictive Tool to Combat Fraud
Purchase, NY – October 2, 2017 – With speed being a critical factor in fighting fraud, Mastercard today announced the launch of Early Detection System. This new service provides issuers with a unique advanced alert for cards and accounts at a heightened risk of fraudulent use based on their exposure in security incidents or data breaches.
The business of stolen data is in the news daily and thieves are getting faster every day. Just last month, 143 million identities were reported as compromised in one data breach, and it can take as little as 9 minutes for stolen data posted to the dark web to be used. Knowing that not all compromised accounts will be used fraudulently, and every second counts, Mastercard developed Early Detection System to help financial institutions take action faster, thus preempting more serious attacks.
Using Mastercard network insights, predictive capabilities and a combination of internal and external data sources, Early Detection System determines if a card or account is at risk and sends an alert to the issuer with a quantification of the level of risk. The issuer then uses the level of risk to more accurately prioritize what action to take – from monitoring transactions more closely to proactively issuing a replacement card.
“Knowledge is power, and this service helps issuers act significantly faster and with greater precision to stop potential fraud before it occurs,” said Ajay Bhalla, president of enterprise risk and security at Mastercard. “Our issuers can now proactively target the fraudulent activity resulting from previously breached or hacked data, helping them reduce costs and maintain the best possible cardholder experience.”
Early Detection System is available to issuers globally and captures all types of fraud across all transaction channels. The system identifies everything from active criminal trading of account data, to identification of cards being tested prior to being used for fraud, to account data that appears at-risk but without sufficient evidence to declare an Account Data Compromise event. This provides issuers with alerts on a much broader set of at-risk accounts potentially 6 to 18 months ahead of traditional alerts.
Part of Security by Design
Mastercard has a long history of investing and innovating across multiple layers of technology – like EMV, tokenization, physical and behavioral biometrics, and artificial intelligence – to protect every transaction.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
PointofSale.com, now in its 8th year, does not sell products or services and we rely on sponsors to keep the site up. We are independently owned and operated. Please visit the POS software pages and POS hardware pages (see left side menu above) to find great POS products from various vendors. For more info, contact us through the Footer menu below.
Other POS News:
- Gift Cards Market Expected to Reach $3,003,320 Million by 2023
- Toys“R”Us, Inc. Selects Mirakl to Launch Online Marketplace
- Alipay Promotes Smart Tourism with Global Partners
- POS Partners, Inc. Announces General Release with Chowly
- Merchants Increase Online Sales Revenue Using eComchain’s Artificial Intelligence Features
- Largest Franchised Brands Back in the Game
- Star Micronics Launches a new power charger cradle for its SM-L300
- Social Media and Retail Executives Among Keynote Speakers at #NRF2018: Retail’s Big Show
- First Data Introduces Disburse-to-Debit Solution for Real Time Payments
- New Release of Transaction+ Payment Processing Application for Retailers and Restaurants