Mastercard and Network International Extend AI-Powered Fraud Protection

Mastercard and Network International Extend AI-Powered Fraud Protection

Time Stamp: March 20, 2024 5:47 AM
Mastercard and Network International Extend AI-Powered Fraud Protection PlatoBlockchain Data Intelligence. Vertical Search. Ai.

To fortify digital commerce security across the Middle East
and Africa, Network International, the region’s enabler of digital
transactions, has expanded the reach of Mastercard’s Brighterion fraud
prevention solution to encompass over 60,000 merchants. Leveraging the prowess
of artificial intelligence (AI), this collaboration aims to bolster transaction
security and foster growth within the payments industry by delivering robust fraud
prevention and merchant monitoring services.

Mastercard‘s
Brighterion solution equips Network International with advanced AI
capabilities, affording them a formidable advantage in shielding themselves,
their merchants, and their customers from the escalating risks posed by
fraudulent activities.

The solution, characterized by its swift and seamless
deployment, employs machine learning algorithms that continuously evolve to
thwart the increasingly sophisticated tactics employed by fraudsters. Network
International embraced this solution in 2023, seeking to enhance fraud
detection mechanisms and substantially curtail losses within its acquiring
ecosystem.

Mete Güney, Executive Vice President, Services, EEMEA, Mastercard, Source: LinkedIn

Sandeep Chouhan, Group Chief Operating Officer, Network International, Source: LinkedIn

The strategic partnership between the two entities was
forged in 2019, with a shared vision of propelling the growth of digital
payments throughout the Middle East and Africa. Since then, they have
collaborated on various initiatives across the region, including initiatives
aimed at facilitating low-cost point of sale and ecommerce acceptance.
Additionally, they have pioneered solutions catering to commercial, fintech,
and banking partners seeking to issue cards.

“Our state-of-the-art fraud solutions help Network
International safeguard their business, protect transactions, and take a
forward-looking approach to mitigate the risks of today and tomorrow,” said
Mete Güney, the Executive Vice President of Services for the EEMEA at Mastercard.

Embracing AI for Secure Payments

The urgency of such measures is underscored by alarming
statistics regarding the burgeoning threat of cybercrime. According to data
from Cybersecurity Ventures, the annual cost of cybercrime is projected to soar
to $10.5 trillion by 2025, with ransomware damages alone valued at $20 billion
in 2021, a staggering 57-fold increase from 2015. Meanwhile, the Nilson Report
forecasts global card fraud losses to skyrocket to $408 billion between 2020
and 2030.

Amidst these daunting challenges, industry leaders are
increasingly turning to AI as a pivotal tool in safeguarding against fraud and
bolstering security. A study conducted by PwC revealed that 72% of business
executives perceive AI as a competitive advantage, recognizing its fundamental
role in shaping the future landscape.

Furthermore, insights from Mastercard’s
Global Security Index underscore consumer confidence in AI-powered biometric
authentication methods, with 92% of consumers expressing trust in such
technologies for secure payments.

“We continue to explore the latest industry-leading
technologies that enable us to secure digital transactions. With its wealth of
expertise and best-in-class Fraud security measures, Mastercard is our trusted
partner in reinforcing our defenses,” said Sandeep Chouhan, the Group Chief
Operating Officer at Network International.

To fortify digital commerce security across the Middle East
and Africa, Network International, the region’s enabler of digital
transactions, has expanded the reach of Mastercard’s Brighterion fraud
prevention solution to encompass over 60,000 merchants. Leveraging the prowess
of artificial intelligence (AI), this collaboration aims to bolster transaction
security and foster growth within the payments industry by delivering robust fraud
prevention and merchant monitoring services.

Mastercard‘s
Brighterion solution equips Network International with advanced AI
capabilities, affording them a formidable advantage in shielding themselves,
their merchants, and their customers from the escalating risks posed by
fraudulent activities.

The solution, characterized by its swift and seamless
deployment, employs machine learning algorithms that continuously evolve to
thwart the increasingly sophisticated tactics employed by fraudsters. Network
International embraced this solution in 2023, seeking to enhance fraud
detection mechanisms and substantially curtail losses within its acquiring
ecosystem.

Mete Güney, Executive Vice President, Services, EEMEA, Mastercard, Source: LinkedIn

Sandeep Chouhan, Group Chief Operating Officer, Network International, Source: LinkedIn

The strategic partnership between the two entities was
forged in 2019, with a shared vision of propelling the growth of digital
payments throughout the Middle East and Africa. Since then, they have
collaborated on various initiatives across the region, including initiatives
aimed at facilitating low-cost point of sale and ecommerce acceptance.
Additionally, they have pioneered solutions catering to commercial, fintech,
and banking partners seeking to issue cards.

“Our state-of-the-art fraud solutions help Network
International safeguard their business, protect transactions, and take a
forward-looking approach to mitigate the risks of today and tomorrow,” said
Mete Güney, the Executive Vice President of Services for the EEMEA at Mastercard.

Embracing AI for Secure Payments

The urgency of such measures is underscored by alarming
statistics regarding the burgeoning threat of cybercrime. According to data
from Cybersecurity Ventures, the annual cost of cybercrime is projected to soar
to $10.5 trillion by 2025, with ransomware damages alone valued at $20 billion
in 2021, a staggering 57-fold increase from 2015. Meanwhile, the Nilson Report
forecasts global card fraud losses to skyrocket to $408 billion between 2020
and 2030.

Amidst these daunting challenges, industry leaders are
increasingly turning to AI as a pivotal tool in safeguarding against fraud and
bolstering security. A study conducted by PwC revealed that 72% of business
executives perceive AI as a competitive advantage, recognizing its fundamental
role in shaping the future landscape.

Furthermore, insights from Mastercard’s
Global Security Index underscore consumer confidence in AI-powered biometric
authentication methods, with 92% of consumers expressing trust in such
technologies for secure payments.

“We continue to explore the latest industry-leading
technologies that enable us to secure digital transactions. With its wealth of
expertise and best-in-class Fraud security measures, Mastercard is our trusted
partner in reinforcing our defenses,” said Sandeep Chouhan, the Group Chief
Operating Officer at Network International.

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