MasterCard to tackle payment fraud with AI

Mastercard has announced that it was partnering with Network International to address fraud, declines, and chargebacks in Nigeria, other countries in Africa, and the Middle East.

It stated that through this partnership, it would launch its Brighterion Artificial Intelligence technology across the region, and provide transaction fraud screening and merchant monitoring to acquirers and businesses.

Quoting the ‘Nilson Report’, the firm stated that payment card fraud losses were projected to hit $49bn by 2030, adding that 68 per cent of card fraud losses in 2020 were related to transactions where cards were not physically present.

It explained that its Artificial Intelligence has the capacity to learn the warning signs of fraud and alert acquirers and merchants in real time to prevent the completion of fraudulent transactions and costly chargebacks.

The Division President, Middle East and North Africa, Mastercard, Khalid Elgibali, said, “At Mastercard, we provide capabilities and services beyond card payments, using the latest cutting-edge technology to stay ahead of fraudsters as we secure the full payments ecosystem.

“Brighterion Artificial Intelligence capabilities are helping to reduce fraud and merchant risk, leading to safer transactions and a better consumer experience.”

The Group Chief Executive Officer of Network International, Nandan Mer, added, “We are delighted to strengthen our partnership with Mastercard and expect to launch this revolutionary new AI technology across the region early this year.

“Adding Brighterion to Network’s range of solutions allows us to enhance our ability to provide financial institutions, merchants and their customers with safe, secure and seamless processing.”

According to the firm, it invested $300m in Network in 2019, followed by an additional commitment towards developing innovative payment solutions.

It further stated, “As part of this partnership, Mastercard supports Network via Brighterion’s AI technology, which combats the risk of fraud, reducing the operational overhead on acquirers and merchants while improving the experience for customers.”