MasterCard has unveiled a fraud detection tool for online transaction that works in real-time.
The tool is called Expert Monitoring Fraud Scoring for Merchants and MasterCard said it improves merchants’ view of customer behaviour “behaviour beyond a merchant’s website or a cardholder’s shopping cart”.
MasterCard said that, based on tests that it has run, merchants could cut down fraud losses by between 15-30%, “simply by reviewing or automatically declining transactions deemed as high-risk by the using the new tool”.
The tool helps merchants calculate a fraud score by considering a longer span of transaction history than in card present transactions.
“Our new tool allows acquirers and their participating merchants to look at the potential for fraud in a transaction in real time, and integrate the data into any existing fraud detection solution. This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud,” said Johan Gerber, group head, global network products for MasterCard Worldwide.
The tool targets fraud on US-issued cards.