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”.
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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.
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By GlobalData
