Mastercard Launches AI-Powered Fraud Defense Tool
▼ Summary
– Mastercard launched Threat Intelligence, the first threat intelligence solution applied to payments at scale, combining fraud insights with cyber threat data from Recorded Future.
– The solution bridges communication gaps between fraud and security teams, enabling proactive detection and prevention of cyber-enabled fraud before it occurs.
– Key features include real-time alerts for card testing, digital skimming intelligence, merchant threat assessments, and weekly payment ecosystem threat reports.
– Threat intelligence data has already helped partners identify and take down malicious domains impacting nearly 9,500 e-commerce sites and linked to $120 million in fraud.
– This launch supports Mastercard’s intelligence-led approach to securing the digital economy, emphasizing cross-sector collaboration and proactive mitigation of threats.
Mastercard has introduced a new artificial intelligence-driven security platform designed to combat financial fraud by unifying fraud detection and cybersecurity efforts. This groundbreaking tool, called Mastercard Threat Intelligence, merges the company’s extensive payment fraud data with external cyber threat intelligence. It provides banks and merchants with real-time, actionable insights to identify and halt fraudulent activities before transactions are even completed.
The platform addresses a critical industry challenge: the growing overlap between cybercrime and payment fraud. Research indicates that a majority of fraud leaders only learn about system breaches after financial losses have already occurred. By breaking down traditional barriers between fraud and security teams, Mastercard’s solution fosters a collaborative defense strategy, allowing organizations to shift from a reactive to a proactive security posture.
Key capabilities of the system include card testing detection, which blocks fraudulent test transactions in real time to prevent subsequent fraud. It also offers digital skimming intelligence, providing data to help clients evaluate and counter card-related malware attacks. Another feature delivers merchant threat intelligence, supplying targeted fraud insights to speed up incident response for businesses. The platform further issues weekly payment ecosystem threat intelligence reports that detail new vulnerabilities, alongside payment intelligence reports with case studies and fraud trend analysis to guide strategic planning.
This launch follows Mastercard’s recent acquisition of Recorded Future and underscores the company’s dedication to an intelligence-led security model for the digital economy. Industry experts note that effective cybersecurity now relies heavily on cross-sector threat intelligence. Vendors possessing broad transactional data are uniquely positioned to enhance information sharing across financial services, helping fraud and cybersecurity units spot trends earlier and implement preventative measures.
The system has already demonstrated its value during market testing. Threat intelligence data enabled partners to identify and dismantle malicious domains linked to payment card theft. Over a six-month period, these domains had compromised close to 9,500 e-commerce websites and were associated with roughly $120 million in fraudulent activity.
According to a fraud specialist from Banco Mercantil del Norte, the tool will help financial institutions keep up with major threats and trends, a task that is often unmanageable due to the intense operational demands within banks. This advanced intelligence framework is set to play a crucial role in securing the future of digital payments.
(Source: Economy Middle East)
