US-based payment technology corporation Mastercard has announced the launch of Scam Protect, a suite of AI-enabled solutions that aim to prevent scams and fraud. Considering the current environment, where scammers leverage the latest technologies, including AI, to deceive individuals, Mastercard introduced Scam Protect, a suite of services that intend to identify and mitigate scams.

Additionally, the company entered collaborations with organisations operating across the financial ecosystem to prevent scams, including Verizon, NatWest, and Global Anti-Scam Alliance. Mastercard’s commitment to scam mitigation According to Mastercard’s officials, scammers are utilising new technologies, making their deception and impersonation scams more difficult to recognise by individuals. By developing its capabilities in AI, as well as its partnerships, the company aims to support financial institutions with insights to detect and prevent scams and assist consumers in learning how to recognise them.

Mastercard merged its identity, biometric, AI, and Open Banking features to safeguard consumers across the spectrum of scams, including card-based and account-to-account payments, and fraudulent account openings. Some of the solutions included in the company’s suite include Mastercard Identity, its behavioural biometrics, and its Consumer Fraud Risk solution, among others. Furthermore, Mastercard entered partnerships with organisations across the ecosystem to improve fraud management, mitigate the impact of scams, and educate consumers. The company joined forces with Verizon to address the increasing threat of scams, with the two firms planning to work on additional solutions to protect consumers from across multichannel attack vectors.

By merging Mastercard’s identity insights with Verizon’s network technologies, the two companies aim to deliver tools that can block scammers more accurately. In addition, NatWest and other banks operating in the UK started to leverage Mastercard’s AI-enabled Consumer Fraud Risk solution to identify and prevent money from being transferred to scammers in real time. Also, Mastercard partnered with Entersekt, a global financial authentication company, allowing the latter to utilise its Identity solution to support financial institutions decrease scams. By doing so, Entersekt can allow banks to improve higher-risk transactions by verifying a sender’s biometrics to authenticate the transaction.

Through this additional step, senders can be protected before the funds leave their account. Mastercard is also a supporting member of the Global Anti-Scam Alliance, which safeguards consumers globally from scams via awareness campaigns. By joining forces with the Global Anti-Scam Alliance, Mastercard is set to share knowledge and define joint actions to promote safe and secure methods to transact, interact, and protect consumers.

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