PURCHASE, N.Y.—Just as was warned during the recent NCUA board meeting that cybersecurity threats are rising, Mastercard is offering financial institutions what it says are new methods to combat fraud.
The company, in a release, pointed out a cybersecurity threats have climbed fourfold in the last three years, and further said that an expanding and diversifying payments ecosystem combined with greater regulatory requirements are collectively giving rise to a need for “enhanced resiliency.”
Three Options
Mastercard said it has expanded its Payment Resiliency solutions with three new optional enhancements to its Stand-In Authorization service, including:
- Dynamic Decisioning. “Improving authorization accuracy by leveraging AI to make intelligent decisions on the issuers’ behalf,” Mastercard said.
- Account Balance Listing. “Giving issuers the ability to share cardholder spend limits with Mastercard to allow for more precise decisioning while mitigating overdraft and over-credit-limit concerns,” the company stated.
- Contingency Manager. “Allowing issuers to create more flexible sets of customized Stand-In parameters which can be enabled automatically based on predefined conditions,” Mastercard said. “In markets where this feature is not currently available, further information will be provided at the time of launch.”
‘Mitigating Impact’
Mastercard said its resiliency solution helps mitigate the impact on consumers when banks are unable to process a card payment, whether due to planned or unexpected outages, the company said, adding the impact of outages is prompting increased scrutiny from regulators who are interested in how financial institutions are building resiliency into their payment systems.
The company said it is also working to harness the latest AI to improve its solutions.
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