Mastercard is tackling the growing threat of scams through the launch of an AI-based product suite and several cross-industry partnerships.
According to the FBI, across the United States people lost $12.5 billion to internet scams in 2023. In the UK, fraudsters were responsible for nearly 1.4 million thefts during the first half of 2023.
To combat the threat, Mastercard has launched Scam Protect, a suite of specialised tools powered by AI, biometrics and open banking, which help identify and prevent scams whether they are card-based, account-to-account, or fraudulent account openings.
The payments firm is also working with Verizon, combing its identity insights with the US telco's network technologies to more accurately block spam and scammers.
Kyle Malady, CEO, Verizon Business, says: “Verizon and Mastercard share a commitment to helping protect consumers from security threats. By combining our expertise, we're building solutions to identify and thwart scammers before they initiate contact.”
Meanwhile, banks in the UK, including NatWest, are the first to use Mastercard’s AI-powered Consumer Fraud Risk technology to identify and prevent in real-time money being sent to scammers.
Mastercard has also joined the Global Anti-Scam Alliance, sharing knowledge and defining joint actions to advocate for safe and secure ways to transact, interact, and protect consumers.
Chris Reid, EVP, identity solutions, Mastercard, says: “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."