Mastercard Targets Payment Fraud with AI Solution

Mastercard unveiled Mastercard Threat Intelligence, the first threat intelligence solution for large-scale payments.

The solution helps payment fraud and merchant compliance teams at issuing and acquiring banks proactively detect, prevent, and respond to cyber-enabled fraud by combining Mastercard’s fraud insights and global network visibility with carefully chosen cyber threat intelligence from Recorded Future’s platform.

Fraud frequently begins as a cyberattack rather than at the point of transaction. According to 60% of global fraud executives, they are only informed about cyber intrusions after fraud losses start.

For fraud teams, payment fraud is now more than simply a financial problem; it’s a cybersecurity risk that directly affects an organization’s bottom line. By bridging communication barriers, Mastercard Threat Intelligence makes it possible for security and fraud teams to collaborate effectively and prevent fraud before it occurs.

“As the lines between cybercrime and financial crime continue to blur, innovation is an imperative,”

said Johan Gerber, global head of Security Solutions at Mastercard.

“Mastercard Threat Intelligence provides customers with actionable, real-time and targeted risk insights to disrupt fraudulent transactions, inform strategic defense and ultimately enable a more proactive approach.”

Less than a year has passed since Mastercard completed its acquisition of Recorded Future, and the introduction of Mastercard Threat Intelligence shows the companies’ dedication to provide a cohesive, intelligence-driven strategy for protecting the digital economy.

“Effective cybersecurity will increasingly depend on threat intelligence that crosses sectors and regions. Vendors with broad transactional data and analytics will play a key role in improving information-sharing among financial services, merchants and across the industry,”

said Tracy (Kitten) Goldberg, director, Cybersecurity at Javelin Strategy & Research.