MasterCard is introducing its Expert Monitoring Real-Time Fraud Scoring and Compromised Account Service in the United Kingdom, Ireland and other markets throughout Europe.
These services represent the latest addition to MasterCard's suite of Expert Monitoring Solutions which provide turnkey, next-generation fraud detection and prevention capabilities that help payment card issuers protect cardholders from fraudulent transactions and reduce fraud-related costs.
Featuring state-of-the-art fraud detection models that are finely tuned to the risk profile of each market, Expert Monitoring Real-Time Fraud Scoring provides issuers with a predictivefraud score during authorization that indicates the likelihood that a transaction is fraudulent. As a result, MasterCard is helping issuers identify and prevent fraudulent transactions in real time, enabling them to enhance their existing fraud detection capabilities and further reduce fraud costs.
In addition, the Expert Monitoring Compromised Account Service provides issuers precise, timely fraud prediction for accounts that have been subjected to a data compromise event and may be more prone to fraud. As a result, issuers can more effectively assess the threat of fraud on compromised accounts to reduce their fraud losses and lower their re-issuance costs.
"MasterCard is committed to helping financial institutions protect cardholders from the risk of fraud. Expert Monitoring Real-Time Fraud Scoring and Compromised Account Service enable our customers to sharpen their fraud detection and make more informed authorization decisions at the point of interaction to stop fraud before it happens," said Wendy Murdock, Chief Payment System Integrity Officer, MasterCard Worldwide. "As a result, Expert Monitoring Solutions provide issuers with higher and more accurate fraud detection rates over conventional solutions. This is critical in controlling the rising costs of fraud while ensuring a positive cardholder payment experience."
With MasterCard's Expert Monitoring Solutions, issuing financial institutions benefit from: A hosted solution that complements issuer fraud detection systems to reduce the total cost of ownership for predictive fraud modeling capabilities A global view of fraud patterns and transaction trends.
Precise network fraud models, as well as custom models based on the unique characteristics of specific portfolios, that deliver superior fraud transaction detection rates Highly predictive fraud scores delivered in real-time on every transaction authorization request that traverses the MasterCard network Scalability to score larger volumes of transactions in a highly targeted manner based on multiple account attributes Low rate of fraud transaction false positives which helps issuers ensure cardholder satisfaction
Expert Monitoring Real-Time Fraud Scoring is currently available in the U.S., Canada, South America, U.K., Ireland, the Netherlands, Italy, Germany and Eastern Europe. This service will be introduced in all European markets early in 2011 as well as other markets around the world throughout 2011. The Expert Monitoring Compromised Account Service is currently available to issuers globally in every market.