United Nations Development Programme (UNDP) and Mastercard have signed a Memorandum of Understanding to collaborate in fighting digital fraud. Digital scams are a global challenge, causing an estimated annual loss of USD 1.026 trillion, likely higher due to unreported incidents.

They undermine development progress and erode trust, crucial for inclusive digital transformation, particularly affecting developing countries. As scams transcend borders and sectors, their rapid technological evolution necessitates a collaborative, multi-stakeholder approach to combat them effectively. To better understand these challenges and build momentum to address them, the UNDP Global Centre for Technology, Innovation and Sustainable Development in Singapore is convening a global coalition of partners across international and local public and private sector entities and civil society on a project to further understand the impact of digital scams on development, with a focus on developing countries.

Mastercard joins collective efforts in combating digital scams As a pioneer in safeguarding global networks, Mastercard is uniquely positioned to offer practical insights into cyber fraud and scams. It is the first private sector organisation to join this coalition, underscoring the company’s commitment to support global and regional efforts to enhance cyber resilience of digital economies. Mastercard will leverage its global expertise and extensive experience in deploying technology to fight fraud as well as share best practices and industry insights to help enhance cybersecurity standards and combat digital scams.

Officials from Mastercard said that in today’s interconnected world, fostering trust is crucial for achieving an inclusive digital economy. This is especially true when online scams have become as rampant and sophisticated as technology itself. Continuing their efforts to tackle the rising threat to economies and consumers alike, Mastercard is happy to join forces with UNDP combining their deep expertise, advanced technology, and innovative practices towards global advancement of sustainable development of economies.

In the near future, the global coalition will develop a report on the socio-economic impact of digital scams and a framework to address the complex dynamics across global, national, societal and individual levels, with particular attention on developing countries. These insights will be deployed to develop a toolkit for collaborative actions to combat digital scams. This toolkit, which will include strategies, good practices, and capacity-building resources, aims to catalyse effective multi-stakeholder interventions against digital scams.

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