Mastercard and Microsoft have announced a partnership to offer an upgraded identification solution to combat digital fraud.
Although internet purchasing is convenient for customers, it can be costly for businesses, particularly when dealing with scammers.
First-party fraud, in which a genuine purchase is completed online and then challenged, is fast increasing and is currently projected to be a $50 billion global problem.
Mastercard has reinforced its Digital Transaction Insights product with next-generation authentication and real-time decision intelligence capabilities with the support of Microsoft to meet the needs of its clients.
However, this isn’t the first time the two businesses have worked together. In 2018, they teamed to make it easier to authenticate customers’ digital identities.
Ajay Bhalla, Mastercard’s president of cyber and intelligence, detailed how the company’s expanded Digital Transaction Insights service can assist both companies and financial institutions better cope with online fraud in a news release, saying:
“Online shopping should be simple, quick, and safe.” That isn’t always the case, though. We’re working to improve the real-time intelligence we supply to financial institutions all across the world by building sophisticated identity and fraud technologies. This continues our long-standing commitment to collaborate with others in the industry to develop breakthrough solutions that enable trust and contribute to the creation of a safe and vibrant digital environment for everybody.”
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