Cyber attacks on bank cards are the most common. To counter them, Mastercard and Microsoft have decided to join forces: Mastercard’s Digital Transaction Insights will include Microsoft’s Dynamics 365 Fraud Protection artificial intelligence (AI) technology. This partnership announced on April 25 aims to improve the online shopping experience and fight against digital fraud.
Online sales continue to increase, and have been boosted by the pandemic. For companies, understanding and continuously improving the customer experience has become as important as developing better products, innovation, supply chain management or marketing.
As customers who have been victims of credit card fraud while shopping on a site turn to their competitors for their next orders, businesses are also impacted by this fraud.
Artificial intelligence tools such as predictive analytics, sentiment analysis, natural language processing (NLP), have made it possible to provide a seamless experience, but at the same time, credit card fraudsters have found new methods to retrieve card details and reuse them for their profit. In 2019, this fraud has been estimated at $50 billion, with banks, having to reimburse their customers, all looking to protect online transactions.
Mastercard’s Digital Transaction Insights solution
To protect its customers’ transactions, Mastercard has enhanced its Digital Transaction Insights solution with next-generation authentication and real-time business intelligence capabilities. This is provided to it by Microsoft’s Dynamics 365 Fraud Protection, which leverages adaptive AI to help detect fraud in real time by identifying suspicious behavior during purchases.
The solution combines Mastercard’s network information with merchant data to confirm the buyer’s identity. It also provides banks with the additional information needed to authorize transactions. Digital Transaction Insights is used in a wide range of online payment instances, from click-to-pay functionality and mobile devices to digital wallets and integrated shopping. Ajay Bhalla, president, Cyber and Intelligence at Mastercard, said:
“Online shopping should be simple, fast and secure. But that’s not always the case. We are committed to developing advanced identity and fraud technology to help improve the real-time intelligence we provide to financial institutions around the world. This builds on our long-standing commitment to working across the industry to provide advanced technologies that are trusted and help build a safe and prosperous digital ecosystem for all.”
Charles Lamanna, corporate vice president of enterprise applications and platforms at Microsoft, said:
“We are excited to partner with Mastercard to leverage our industry-leading cloud-native fraud assessment tools to enable issuers and merchants to prevent more fraud and avoid more genuine users. This partnership lays the foundation for the future of global fraud prevention where data silos are no longer a barrier to security.”
Digital Transaction Insights is enabled by EMV 3-D Secure and Mastercard Identity Check, a global authentication solution based on the enhanced industry standard. These support the requirements of the GDPR and other related regulations. In 2021 alone, Mastercard Identity Check enabled a 14% increase in transaction approval rates on billions of transactions.
Translated from Mastercard et Microsoft s’associent pour lutter contre la fraude à la carte bancaire
