Mastercard launches fraud prevention service
Written by Chris Lemmon
Mastercard has announced the launch of its Early Detection System, a new service that provides banks with an advanced alert for high risk cards and accounts that are exposed in security incidents or data breaches.
The new service uses Mastercard network insights, predictive capabilities and a combination of internal and external data sources to determine if a card or account is at risk, and will alert the relevant bank, quantifying the level of risk. The bank then uses the level of risk to more accurately prioritise what action to take – from monitoring transactions more closely to proactively issuing a replacement card.
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 at least 6 to 18 months ahead of traditional alerts.
Ajay Bhalla, president of enterprise risk and security at Mastercard, said: “Knowledge is power, and this service helps banks act significantly faster and with greater precision to stop potential fraud before it occurs. Our card 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.”