Mastercard and Feedzai, a threat administration platform based mostly in Portugal, have introduced a partnership geared toward serving to banks detect and forestall scams extra successfully, safeguarding each shoppers and companies globally.
Fraud has change into a big concern, with scams costing over US$1 trillion final 12 months and greater than half of shoppers encountering a rip-off at the very least as soon as every week.
To handle this, Mastercard is enhancing its Client Fraud Threat (CFR) resolution, which helps monetary establishments detect and forestall scams in real-time, from account opening to the transaction level.
The answer is powered by Feedzai’s superior AI platform, which already helps defend monetary establishments in over 90 nations.
Since its introduction within the UK in 2023, the CFR resolution has contributed to a 12% discount in authorised push fee (APP) scams, based on the nation’s Fee Methods Regulator.
Johan Gerber, Government Vice President of Safety Options at Mastercard, highlighted the worldwide scale of the problem, saying,
“With greater than half the world’s inhabitants affected, the size of rip-off fraud will not be solely having a devastating affect on shoppers, but additionally surpassing the GDP of many particular person economies.”
He added that the partnership with Feedzai will permit them to scale their resolution to extra markets, serving to establishments battle monetary crime extra effectively.
Feedzai’s platform already protects over a billion shoppers and processes greater than $8 trillion in transactions yearly.
Nuno Sebastiao, CEO of Feedzai, pressured the significance of adopting AI-based, real-time options to handle the rise in scams.
“The exponential progress in scams underscores the urgency for monetary establishments to undertake AI-based, real-time options,”
he mentioned.
Feedzai’s platform screens each digital transaction – whether or not card purchases or real-time transfers – by analysing a number of threat alerts, integrating system intelligence, community knowledge, and behavioural biometrics to establish and cease fraud because it happens.
Featured picture credit score: edited from freepik
