Mastercard Fights Scams with AI Tools and Partnerships
Mastercard is actively combating the surge in scams with an innovative suite of AI-driven tools and strategic partnerships.
In 2023, scams in the US amounted to $12.5 billion in losses, while the UK witnessed nearly 1.4 million cases of fraud.
Mastercard’s Scam Protect suite utilizes AI, biometrics, and open banking to detect and prevent scams across various transaction types.
Teaming up with Verizon, Mastercard enhances spam and fraud detection capabilities.
UK banks like NatWest are already using Mastercard’s AI-powered Consumer Fraud Risk technology.
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Mastercard also collaborates with the Global Anti-Scam Alliance to advocate for secure transaction practices.
Chris Reid, Mastercard’s EVP of identity solutions, underscores the company’s commitment to empowering financial institutions and educating consumers on scam detection and prevention.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
