- New "trust" tool improves online experience and helps tackle
digital fraud
- Microsoft named as first partner for new technology
PURCHASE, N.Y., and
REDMOND, Wash., April 25, 2022 /PRNewswire/ -- Mastercard on
Monday announced the launch of an enhanced identity solution
designed to improve the online shopping experience and tackle
digital fraud in a new collaboration with Microsoft Corp.
Now more than ever, delivering a frictionless shopping
experience is critical as retailers look to shift window shopping
and price comparison visits to confirmed sales. And, while
consumers enjoy the convenience of shopping online, fraudsters also
seek to develop new methods to use these same channels for
ill-gotten gains. One of the growing types of digital fraud is
first-party fraud, where a legitimate purchase is made online but
later disputed. First-party fraud is estimated to be
a $50 billion global
issue.
Mastercard has directly addressed these needs by enhancing its
Digital Transaction Insights solution with next-generation
authentication and real-time decisioning intelligence
capabilities. The solution pairs Mastercard's network insights with
the merchant's own data to confirm the consumer is who they claim
to be, providing financial institutions with the additional
intelligence needed to optimize their authorization decisions and
approve more genuine transactions. Digital Transaction Insights is
used across a wide range of online checkout instances, from
click-to-pay functionality and wearables to digital wallets and
in-app purchases.
Ajay Bhalla, president, Cyber and
Intelligence at Mastercard, said, "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."
Microsoft will be the first partner to share its insights and
integrate with the new Digital Transaction Insights solution across
several lines of business. Building on a long history of
cross-collaboration, Microsoft's Dynamics 365 Fraud Protection's
proprietary risk assessment, which leverages adaptive AI to assist
in real-time fraud detection by identifying risky behaviors across
purchase, account and in-store activities, has been integrated with
Mastercard's Digital Transaction Insights to better enable
real-time intelligence sharing in an easily consumable and
actionable format. This will enable issuers to enhance their
decision-making processes for authorizations, chargebacks and
refunds. Moreover, organizations can improve transaction acceptance
rates with insights that help them balance profitability and
revenue opportunities against fraud loss and checkout friction.
Charles Lamanna, corporate vice
president of Business Applications and Platforms at Microsoft,
said, "We are excited to partner with Mastercard to
leverage our cloud-native, cutting-edge fraud assessment tools
to empower issuers and merchants to prevent more fraud and approve
more genuine users. This partnership lays the foundation for the
future of global fraud prevention where data silos are no longer a
barrier to security."
Digital Transaction Insights is enabled by EMV 3-D Secure and
Mastercard Identity Check, a global authentication solution built
on the enhanced industry standard. Both elements support GDPR
requirements and other related regulations. In 2021 alone,
Mastercard Identity Check delivered a 14% uplift in transaction
approval rates across billions of transactions.
Additional resources
For more information about Microsoft Security solutions, visit
Microsoft Security. Bookmark the Security blog to keep up with
expert coverage on security matters. Also, follow @msftsecurity for
the latest news and updates on cybersecurity.
About Mastercard (NYSE:
MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital
transformation for the era of an intelligent cloud and an
intelligent edge. Its mission is to empower every person and every
organization on the planet to achieve more.
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