Mastercard and Microsoft have announced that they will combine their technologies to combat digital fraud. Mastercard’s Digital Transaction Insights will include Microsoft’s Dynamics 365 Fraud Protection artificial intelligence (AI) technology to help financial institutions and credit issuers better detect fraud while approving genuine transactions.
According to the press release, the goal of this partnership is to facilitate safe and frictionless online transactions for consumers and entrepreneurs. Technology helps defend against fraudsters who steal consumer information and use it to dispute legitimate transactions. According to Mastercard, this is an increasingly common form of digital fraud.
Digital Transaction Insights combats this growing trend. It applies Mastercard’s innovative authentication technology to verify merchant data to confirm consumer identity with more certainty.
Adaptive AI to detect fraud in real time
By integrating Microsoft’s artificial intelligence technology, Mastercard’s Digital Transactions can adapt to evolving digital threats. The technology will be used to facilitate most online transactions, including those made from smartwatches and digital wallets.
“Online shopping should be simple, fast and secure. But it’s not always the case. We are committed to developing advanced identity and fraud technology to help improve the real-time intelligence we provide to financial institutions around the world,” says Ajay Bhalla, president cyber & intelligence at Mastercard, quoted in the Press release.
Microsoft’s Dynamics 365 Fraud Protection uses adaptive AI to detect fraud in real time by monitoring behavior to detect anything abnormal or suspicious. According to the press release, integrating Microsoft’s technology with that of Mastercard could also improve transaction acceptance rates.
“We’re excited to partner with Mastercard to leverage our industry-leading, cloud-native fraud assessment tools to enable issuers and merchants to prevent more fraud and approve more genuine users.” , says Charles Lamanna, corporate vice president of business applications and platforms at Microsoft.
Source: ZDNet.com