Mastercard introduces Scam Protect, powered by AI, to help financial institutions detect and prevent scams, while also educating consumers. Through partnerships with Verizon and Entersekt, Mastercard aims to develop advanced solutions to block scammers, while supporting the Global Anti-Scam Alliance for consumer advocacy.
24 April 2024 – Mastercard has launched Scam Protect, a comprehensive suite of solutions driven by advanced AI technology, to address the rising threat of scams, which are increasingly exploiting new technologies like AI. According to the FBI, internet scams cost Americans $12.5 billion in 2023 alone, while in the UK, fraudsters were responsible for nearly 1.4 million thefts in the first half of the same year.
Chris Reid, EVP of Identity Solutions at Mastercard, emphasized the importance of leveraging AI and partnerships to combat evolving scams, stating that Scam Protect aims to help financial institutions detect and prevent scams while educating consumers on spotting them. Through Mastercard Identity and behavioral biometrics, the suite assists in verifying identities, detecting unusual behavior in payments, and preventing fraudulent transactions, including account-to-account payments.
In collaboration with Verizon, Mastercard aims to develop new solutions to block scammers across various communication channels by combining Mastercard’s identity insights with Verizon’s network technologies. Financial institutions like NatWest in the UK are already utilizing Mastercard’s AI-powered Consumer Fraud Risk solution to prevent money from being sent to scammers in real-time. Additionally, Mastercard is partnering with Entersekt to enable banks to authenticate higher-risk transactions using behavioral biometrics, thus protecting consumers before funds leave their accounts.
Mastercard is also committed to consumer education and advocacy, supporting the Global Anti-Scam Alliance to raise awareness and empower consumers in identifying and fighting scams. As part of this alliance, Mastercard has helped establish a chapter in Singapore to collaborate on new solutions to protect consumers regionally.
