Mastercard has collaborated with the Singapore Police Force’s Commercial Affairs Department to implement its Mastercard Forensic Reader (MFR) device for the detection of payment card fraud.
MFR is similar to an in-store point-of-sale (PoS) terminal and is designed to quickly and accurately investigate fraud of various chip, magnetic stripe and contactless cards.
Existing approaches for such fraud detection involve protracted processes that require several parties, including investigation agencies, payment solution companies and card issuers.
On the contrary, Mastercard said law enforcement agencies can use MFR for fast processing of seized cards and verification with the associated issuer for a suspected counterfeit within seconds.
Mastercard regional head of customer fraud management for Asia Pacific Derek Pak said: “With criminals constantly thinking of new ways to bypass security systems, industry-wide collaboration has never been of greater importance when staying one step ahead of the game.
“The Mastercard Forensic Reader is a practical example of how we’re putting our expertise and resources to innovating new ways to fight fraud, partnering with like-minded organisations such as local law enforcement agencies to implement this on-ground.”
The MFR was piloted in 2015, with Macau and Taiwan already using the device.
Singapore Police Force deputy director of financial investigation in commercial affairs department Ian Wong said: “Besides providing invaluable assistance in our day-to-day investigations, Mastercard has also partnered CAD and other organisations in efforts to prevent payment card fraud.
“Mastercard’s donation of ten pieces of Mastercard Forensic Reader will enhance CAD’s ability to investigate into payment card fraud and related offences.”