US-based Mastercard has announced the pilot launch of its Identity Attribute Verification service in several European countries to allow businesses to verify customer identity attributes more securely. In a bid to scale trust in the digital economy, Mastercard intends to launch its Identity Attribute Verification solution in several markets across Europe.

Through this initiative, the company aims to allow businesses to verify customer identity attributes more securely and efficiently. The move follows Mastercard’s programs to enable merchants and financial institutions to review risk by utilising name and payment information and assisting secure digital interactions. The current news comes shortly after Mastercard updated its Consumer Fraud Risk (CFR) solution to augment protection against real-time payment scams. The newly added capabilities were set to equip UK-based banks with further visibility over potential fraudulent transactions, enabling them to prevent scams before they occur via the use of AI-driven insights.

In-depth identity verification procedures Following the launch of new industry standards set out by EMVCo and the introduction of Mastercard’s Identity Attribute Verification service, issuers are set to receive the ability to verify additional cardholders' details, such as age, date of birth, and address. Through this, the company plans to increase the safety and accuracy of digital transactions, with the move being part of a broader effort to allow businesses to validate customer identity attributes securely. Moreover, Mastercard is looking into expanding Identity the Attribute Verification service to more European markets within the next year, planning to address the scaling demand and need for digital verification of key attributes while maintaining user privacy. When commenting on the announcement, representatives from Mastercard underlined that, by leveraging the technology behind a payment card, their company’s solutions centre around enabling its partners to verify if an individual meets the criteria for certain goods and services while safeguarding their privacy.

In addition, by implementing this, the company intends to allow merchants to eliminate the need for uploading documents such as photo ID, proof of residency, or passport. Mastercard’s focus on cybersecurity In the second part of September 2024, Mastercard scaled its cybersecurity services through an agreement to proceed with the acquisition of Recorded Future for USD 2.65 billion. As a result of this deal, Mastercard was set to expand its identity, fraud prevention, real-time decisioning, and cybersecurity services by including Recorded Future’s technology and real-time visibility into potential threats capabilities.

Additionally, merging the two companies’ features and expertise intended to enable the development of advanced practices while driving synergies in cybersecurity and intelligence. .