Mastercard has introduced innovative AI technology to combat the rising threat of scams in collaboration with Verizon, NatWest, and the Global Anti-Scam Alliance. The Scam Protect suite utilizes cutting-edge AI solutions to detect and prevent scams, aiming to protect consumers from financial fraud.
With scammers increasingly utilizing AI and technology to deceive individuals, organizations like Mastercard are stepping up their efforts to safeguard against fraudulent activities. According to recent reports, internet scams in the US alone resulted in losses of $12.5 billion in 2023, highlighting the urgency of addressing this growing issue.
Mastercard’s EVP of Identity Solutions, Chris Reid, emphasized the importance of leveraging AI and strategic partnerships to enhance fraud detection capabilities and educate consumers on recognizing potential scams. By combining identity, biometric, AI, and open banking tools, Mastercard aims to provide comprehensive protection against various types of scams, from payment fraud to unauthorized account access.
In collaboration with Verizon, Mastercard is leveraging the telecommunications giant’s expertise in data analytics and network technologies to develop advanced solutions for blocking scammers across different communication channels. Verizon’s Call Filter product has already safeguarded millions of consumers from unwanted calls and spam, showcasing the effectiveness of such partnerships in combating fraudulent activities.
Financial institutions like NatWest in the UK have been quick to adopt Mastercard’s AI-powered Consumer Fraud Risk solution, enabling real-time identification and prevention of potential scam transactions. By integrating AI technology into their fraud monitoring systems, banks can proactively stop payments to fraudsters, offering customers greater peace of mind and enhanced security.
Additionally, Mastercard’s collaboration with Entersekt, a global financial authentication company, further strengthens fraud prevention measures by incorporating behavioral biometrics to authenticate high-risk transactions. This added layer of security helps verify the sender’s identity before funds are transferred, reducing the risk of falling victim to scams.
As a supporting member of the Global Anti-Scam Alliance, Mastercard is actively involved in raising awareness and advocating for consumer protection against scams worldwide. By sharing knowledge and collaborating on initiatives to promote safe transactions, the Alliance aims to empower individuals to recognize and combat fraudulent activities effectively.
Overall, Mastercard’s commitment to leveraging AI technology, strategic partnerships, and consumer advocacy reflects a holistic approach to tackling scams and enhancing digital security. Through collaborative efforts with industry leaders and organizations like Verizon, NatWest, and the Global Anti-Scam Alliance, Mastercard aims to create a safer digital environment for consumers worldwide.
