Microsoft partners with Mastercard to stop you getting defrauded online
Although online shopping is quite convenient for consumers, it can be very expensive for businesses especially when they have to deal with fraudsters. Of the many types of online fraud, first-party fraud in which a legitimate purchase is made online and later is disputed is rapidly growing and is now estimated to be a $50bn global issue.
To address the needs of its customers, Mastercard has bolstered its Digital Transaction Insights solution with next-generation authentication and real-time decision intelligence capabilities with help from Microsoft. This isn’t the first time the two companies have collaborated though as back in 2018, the worked together on making it easier verify customer’s digital identities.
Share your thoughts on Cybersecurity and get a free copy of the Hacker’s Manual 2022. Help us find how businesses are preparing for the post-Covid world and the implications of these activities on their cybersecurity plans. Enter your email at the end of this survey to get the bookazine, worth $10.99/£10.99.
President of cyber and intelligence at Mastercard, Ajay Bhalla explained in a press release how the company’s enhanced Digital Transaction Insights solution will help both businesses and financial institutions better deal with online fraud, saying:
“Shopping online should be simple, quick and secure. But that isn’t always the case. We’re committed to developing advanced identity and fraud technology to help enhance the real-time intelligence we provide to financial institutions around the globe. This builds on our longstanding commitment of working across the industry to provide advanced technologies that enable trust, and help build a safe and thriving digital ecosystem for all.”
Digital Transaction Insights
Mastercard’s Digital Transaction Insights pairs the company’s network insights with data from business owners to confirm that a consumer is who they claim to be. At the same time, financial institutions are provided with additional intelligence to optimize their authorization decisions.
From click-to-pay functionality and wearables to digital wallets and in-app purchases, Mastercard’s Digital Transaction Insights is used across a wide range of online checkout instances.
Microsoft will be the first partner to share its insights and integrate with the company’s new Digital Transaction Insights solution across several lines of business. The company’s Dynamics 365 Fraud Protection’s proprietary risk assessment, which leverages adaptive AI to assist in real-time fraud detection to identify risky behaviors, has been integrated with Digital Transaction Insights to better enable real-time intelligence sharing.
Digital Transaction Insights is enabled by EMV 3-D Secure and Mastercard’s global authentication solution Mastercard Identity Check. In 2021 alone, Mastercard Identity Check was able to deliver a 14 percent uplift in transaction approval rates across billions of transactions.
We’ll likely hear more on the credit card company’s new trust tool and how its being used to tackle digital fraud once more companies begin using it to improve their checkout instances.
Go to Source