PURCHASE, N.Y.—With scammers taking advantage of the latest technologies like AI to deceive people, Mastercard has introduced Scam Protect, which it is describing as a suite of specialized solutions backed by AI to help identify and prevent scams.
Mastercard cited FBI data showing that Americans lost $12.5 billion to Internet scams in 2023 alone. In the UK, fraudsters were responsible for nearly 1.4 million thefts during the first half of 2023 – the equivalent of one every 12 seconds.
“Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize,” Chris Reid, EVP of Identity Solutions, Mastercard, said in a statement. “Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world.”
‘Critical Verification’
According to the company, Mastercard Identity assists in verifying that someone is who they say they are throughout the lifecycle of an account.
“This is critical because scammers open or take over accounts to fraudulently apply for credit, create so-called ‘mule’ bank accounts to receive stolen funds, or to impersonate someone using a false identity,” Mastercard said. “From the moment an account-to-account or card-based payment is initiated, Mastercard’s behavioral biometrics can access physical interactions across devices to identify any unusual behavior, such as hesitating while typing or interacting with the website or app.”
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