Microsoft and Mastercard has joined forces to launch a new identity protection solution in an attempt to tackle digital fraud.
According to the official statement, Mastercard has boosted its existing Digital Transaction Insights solution by adding next-generation authentication and real-time decisioning intelligence capabilities. This system helps merchants to verify Customers’ identities. In order to bolster the technology even further, Microsoft will be providing its own insights as well as integrating the technology across its business.
Talking about the latest partnership, Microsoft noted, “Building on a long history of cross-collaboration, Microsoft’s Dynamics 365 Fraud Protection’s proprietary risk assessment, which leverages adaptive AI to assist in real-time fraud detection by identifying risky behaviors across purchase, account and in-store activities, has been integrated with Mastercard’s Digital Transaction Insights to better enable real-time intelligence sharing in an easily consumable and actionable format”.
“This will enable issuers to enhance their decision-making processes for authorizations, chargebacks and refunds. Moreover, organizations can improve transaction acceptance rates with insights that help them balance profitability and revenue opportunities against fraud loss and checkout friction.”
Ajay Bhalla, president, Cyber and Intelligence at Mastercard, said, “Shopping online should be simple, quick and secure. But that isn’t always the case. We’re committed to developing advanced identity and fraud technology to help enhance the real-time intelligence we provide to financial institutions around the globe. This builds on our longstanding commitment of working across the industry to provide advanced technologies that enable trust, and help build a safe and thriving digital ecosystem for all.”
With the latest update, Mastercard’s network insights will be added to merchants’ own data to confirm the consumer’s identity. Both companies stated that this will help financial institutions with added intelligence to optimize different authorization decisions for more genuine transactions.