Large financial institutions are coming to terms with the new world of tech-driven fraud and adopting digital identity tools as an increasingly necessary defense – but also for customer service, accessibility, and other use cases. Mastercard has launched a new suite of AI-driven tools to protect customers against scams. LexisNexis Risk Solutions is reporting a correlation between spiking fraud rates and customer trust. And Feedzai is seeing significant growth in its behavioral biometrics business.
Mastercard AI security suite aims to foster trust in the digital world
Mastercard’s offering, Scam Protect, combines its digital identity, biometric, AI and open banking capabilities to safeguard consumers from a wide spectrum of scams, from card-based and account-to-account payments to fraudulent account openings using fake or stolen identities. A press release from the credit giant says the system provides comprehensive protection by performing identity verification throughout the lifecycle of an account, and benefits from partnerships with organizations across the ecosystem of financial services, telecommunications, consumer advocacy and more.
By Joel R. McConvey for Biometric Update.