Brighterion, a Mastercard company, has entered into a partnership payments processor Elavon to combat payment card fraud.
The partnership will see the integration of Brighterion’s advanced artificial intelligence (AI) platform into Elavon’s network.
The integration will enable Elavon to further strengthen its capabilities to detect transaction anomalies. The move is expected to reduce fraud risks as well as maintain the integrity of Elavon’s global systems.
Elavon senior vice-president of global credit and risk Tim Miller said: “The increasing sophistication of fraudsters demands smarter, more nimble and innovative fraud tools that allow us to stay one step ahead.
“We look forward to bringing the strength and flexibility of Brighterion’s AI platform to our fight against fraud.”
Both the companies will work to incorporate the fraud monitoring into merchant systems across the US, Europe and Latin America.
Mastercard president of cyber & intelligence Ajay Bhalla said: “The explosion of ecommerce has been matched with a rise in digital fraud.
“AI has proven itself critical in managing the complexities of today’s evolving world. We’re pleased to collaborate with Elavon as they take a leadership role in fighting fraud in the industry.”
Founded in 2000, Brighterion was acquired by Mastercard in 2017. It delivers an AI and machine learning platform to offer real-time mission critical intelligence from any data source.
Currently, it serves more than 2,000 customers globally analysing around 100 billion transactions annually.