In order to facilitate the identification and detention of scams to banking institutions, the technological giant Mastercard on Tuesday a collaboration agreement with Feedzaiprovider of solutions artificial intelligence (AI) for the prevention of financial crimes.
According to the data provided by the payment processor, Scams with Ia last year more than $ 1 billion and more than 50% of consumers said they had encountered a scam at least once a week.
“With more than half of the affected world population, the fraud scale is not only having a devastating impact on consumers, but also overcoming GDP (gross domestic product) of many individual economies,” said Johan Gerber, vice president Executive and Head of Mastercard Security Solutions.
The Feedzai scam prevention platform helps protect consumers and financial institutions in more than 90 countries. With their implementation, companies will accelerate the application of the consumer fraud (CFR, for its acronym in English) of Mastercard.
“Together with Feedzai’s global platform, we will expand our scam solution, the first of its kind, more countries, helping more financial institutions to combat financial crimes faster than before,” Geber said.
In account payments on account, CFR provides intelligence to both the broadcaster financial institution and the receiver to help detect and prevent scams in real time. Since he launched himself in the United Kingdom in 2023, The country’s payment systems regulator shows that the value of the scams has been reduced by more than 12%.
The main financial institutions already use the Native Financial Crimes Prevention Platform of Feedzai for Protect more than 1,000 million consumers worldwide and more than $ 8 billion in transactions each year.
“We are excited to expand our association with Mastercard to attend to the growing threats of financial crimes,” said Nuno Sebastiao, CEO of Feedzai. “The exponential growth of scams underlines the urgency that financial institutions adopt real -time solutions based on AI. We are excited to work together with Mastercard to help carry the proven value of its CFR score to new countries for the first time. ”
The Feedzai platform analyzes each digital transaction, from card purchases to real -time transfers, in search of multiple risk signs in real time. By integrating the intelligence of the device, the data of the network and the biometry of the behavior, the AI of Feedzai identifies the suspicious activity as it occurs so that the fraud can stop in real time before money is lost.
“The global epidemic of fraud and scams has created an urgent need for innovative technological solutions. Given this rapid growth threat, financial institutions should consider third party data as an essential part of their fraud defense strategy, ”said Julie Conroy, director of Insights data insights.