MasterCard Strengthens Fraud Protection with New Service for Banks in Eastern Europe, the Middle East, and Africa

SadaNews - MasterCard announced the launch of the advanced (Account Intelligence Reissuance) service in Eastern Europe, the Middle East, and Africa to enhance the efficiency of combating card fraud.

This service relies on artificial intelligence technology developed by MasterCard, which conducts an accurate analysis of the risk level associated with the use of a particular card and provides intelligent recommendations that determine whether the card requires monitoring or reissuance.

Fraud associated with payment cards is one of the main challenges facing banks and business institutions, as it leads to significant financial losses annually. Card issuers typically sort account numbers based on the potential risk level and then reissue at-risk cards to avoid further unauthorized transactions. However, this process is costly and requires manual intervention. The (Account Intelligence Reissuance) service offers a more efficient practical solution as it relies on a multidimensional assessment of risk factors while providing a clear explanation for each case, helping MasterCard clients make quick and appropriate decisions to mitigate fraud risks and reduce its impact on cardholders. The (Account Intelligence Reissuance) service from MasterCard aims to simplify and automate this procedure, enhancing fraud prevention efforts, whether in cases of actual or digital card data theft.

On this occasion, Selin Bahadarly, Executive Vice President of Services for Eastern Europe, the Middle East, and Africa at MasterCard, stated: "At MasterCard, we have developed a comprehensive set of anti-fraud solutions based on accurate data and advanced insights. We are pleased to expand this suite with the (Account Intelligence Reissuance) service, which represents a qualitative addition that enables issuers to aggregate data, accurately analyze risk levels, and identify the cards most susceptible to breaches to take appropriate actions. By leveraging advanced artificial intelligence technologies, these solutions will contribute to enhancing proactive protection efforts, strengthening customer trust, and establishing a secure environment for digital payments."

As the digital economy expands—with the emergence of new types of fraud—MasterCard continuously works on developing its innovative capabilities to protect customers and consumers at all stages of the payment cycle. MasterCard’s decision-making capabilities through the latest artificial intelligence technologies protect its customers and cardholders from fraud across 159 billion transactions annually. Enhancements in generative AI for MasterCard’s solutions have allowed issuers to evaluate account, purchase, merchant, and device information faster, facilitating real-time fraud detection.

MasterCard also leverages its advanced artificial intelligence capabilities through its global artificial intelligence and advanced technology center, which was opened in Dubai in collaboration with the Office of Artificial Intelligence, Digital Economy, and Remote Work Applications in the UAE. This center is dedicated to developing artificial intelligence capabilities that enhance the region’s readiness in this field, based on the extensive technical expertise of the company. The advanced innovations being developed at this center contribute to detecting cyber attacks, data leaks, and fraud, making the digital environment safer for government entities, financial institutions, the retail sector, and users alike.

This service is set to launch in the Pacific, North America, and Latin America later this year.