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Delivering a frictionless shopping experience is crucial as
the eCommerce sector seeks to convert window shopping and price comparison
visits to sales, the firms said.
While consumers like online shopping, cyberthieves are
always seeking new ways to use those networks for theft. One emerging type of
digital scam is known as first-party fraud, where an online purchase is made
legitimately but later disputed. These schemes are estimated to cost businesses
$50 billion globally.
Mastercard said to combat such schemes it has enhanced its
Digital Transaction Insights solution with next-generation verification and
instant decisioning intelligence capabilities.
The solution was designed to connect Mastercard’s network
insights with the merchant’s data to confirm the customer is who they say they
are and provide banks with additional intelligence required to optimize their
authorization decisions.
“This partnership lays the foundation for the future of
global fraud prevention where data silos are no longer a barrier to security,”
said Charles Lamanna, corporate vice president of business applications and
platforms at Microsoft, in a statement.
Ajay Bhalla, president of cyber and intelligence at
Mastercard, said the company is committed to developing advanced identity and
fraud technology to enhance the real-time intelligence to financial
institutions (FIs) around the globe.
Microsoft will be the first partner to share its insights
and integrate with the new Digital Transaction Insights solution across several
lines of business. Building on a long history of cross-collaboration,
Microsoft’s Dynamics 365 Fraud Protection’s proprietary risk assessment, which
leverages adaptive AI to assist in real-time fraud detection by identifying
risky behaviors across purchase, account and in-store activities, has been
integrated with Mastercard’s Digital Transaction Insights to better enable
real-time intelligence sharing in an easily consumable and actionable format.