INTELLIGENT TECHNOLOGY: FINANCIAL CYBERSECURITY
Mastercard boosts EEMEA fraud defence with new account intelligence service
Mastercard has rolled out its advanced Account Intelligence Reissuance service across Eastern Europe, the Middle East and Africa( EEMEA), aiming to streamline and fortify card reissuance processes against fraud. The innovative solution equips issuing banks with AI-powered, actionable insights, highlighting at-risk cards for replacement or closer monitoring.
Mastercard has introduced Account Intelligence Reissuance, an advanced fraud prevention service to efficiently manage the card re-issuance process, in the Eastern Europe, Middle East and Africa( EEMEA) region. The product leverages Mastercard’ s proprietary Artificial Intelligence( AI) technology and network purview to assess the level of risk associated with a card and provide AI-driven actionable recommendations about which cards need to be monitored or replaced.
Card fraud costs card issuers and merchants billions of dollars each year. Issuers often sort primary account numbers( PANs) based on risk level and reissue their compromised cards to prevent further unauthorised transactions. This is costly and requires manual intervention. Mastercard Account Intelligence Reissuance streamlines and automates the process, stepping up fraud prevention efforts addressing both physical and digital card skimming.
“ At Mastercard, we have developed a comprehensive portfolio of fraud products that offer valuable and advanced insights and data. We are delighted to expand our proposition with Account Intelligence Reissuance that goes one step further by allowing issuers to aggregate data, measure risk and prioritise the most compromised cards for reissuance. Powered by our world-class AI technology, this highly accurate solution will significantly enhance credit card fraud prevention and customer protection efforts across the industry,” said Selin Bahadirli, executive vice president, Services, EEMEA, Mastercard.
Preventing fraud globally
Mastercard’ s Decision Intelligence capabilities help to protect its customers and cardholders from fraud across Mastercard’ s 159 billion transactions per year. GenAI enhancements to Mastercard’ s solutions have enabled issuers to assess account, purchase, merchant and device information faster, making it easier to detect fraud in real time.
Mastercard is also harnessing the power of AI through its Center for Advanced AI and Cyber Technology in Dubai, established in collaboration with the UAE’ s Artificial Intelligence, Digital Economy and Remote Work Applications Office. Drawing on the company’ s technical knowledge and expertise, the initiative aims to enhance AI capabilities and readiness in the region. The solution is planned to be rolled out in Asia Pacific, North America and Latin America later this year. p
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