Credit card giant Mastercard announced last month a new AI suite called Scam Protect that utilizes behavioral biometrics to track and monitor potential fraud and scams.
The company explained how this new system works and what it provides in a press release dated April 24th:
- Mastercard Identity assists in verifying that someone is who they say they are throughout the lifecycle of an account. This is critical because scammers open or take over accounts to fraudulently apply for credit, create so-called “mule” bank accounts to receive stolen funds, or to impersonate someone using a false identity.
- From the moment an account-to-account or card-based payment is initiated, Mastercard’s behavioral biometrics can access physical interactions across devices to identify any unusual behavior, such as hesitating while typing or interacting with the website or app.
- Specific to real-time account-to-account payments, Mastercard’s Consumer Fraud Risk solution provides banks with the intelligence to help detect and prevent payments to scammers. Now live in the UK with 10 large banks, Consumer Fraud Risk leverages AI and Mastercard’s unique view of account-to-account transactions, to help banks intervene in real time and stop a payment to a scammer before funds are sent.
- When a consumer initiates an account-based payment from their bank account, Mastercard enables account validation to confirm account ownership and validate identity details in real-time through Mastercard Open Banking, which draws on the safe exchange of consumer-permissioned data to facilitate frictionless and secure payments.
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