Mastercard steps up fraud prevention efforts with launch of Account Intelligence Reissuance service in EEMEA
Dubai, UAE: Mastercard has introduced Account Intelligence Reissuance, an advanced fraud prevention service to efficiently manage the card reissuance process, in the Eastern Europe, Middle East and Africa (EEMEA) region. The product leverages Mastercard's proprietary Artificial Intelligence (AI) technology and network purview to assess the level of risk associated with a card and provide AI-driven actionable recommendations about which cards need to be monitored or replaced.
Card fraud costs card issuers and merchants billions of dollars each year. Issuers often sort primary account numbers (PANs) based on risk level and reissue their compromised cards to prevent further unauthorized transactions. This is costly and requires manual intervention. Mastercard Account Intelligence Reissuance streamlines and automates the process, stepping up fraud prevention efforts addressing both physical and digital card skimming.
'At Mastercard, we have developed a comprehensive portfolio of fraud products that offer valuable and advanced insights and data. We are delighted to expand our proposition with Account Intelligence Reissuance that goes one step further by allowing issuers to aggregate data, measure risk and prioritize the most compromised cards for reissuance. Powered by our world-class AI technology, this highly accurate solution will significantly enhance credit card fraud prevention and customer protection efforts across the industry,' said Selin Bahadirli, executive vice president, Services, EEMEA, Mastercard.
As the digital economy expands – and new fraud types emerge – Mastercard has continually evolved its innovative capabilities to protect customers and consumers at all stages of the payment lifecycle. Mastercard's Decision Intelligence capabilities help to protect its customers and cardholders from fraud across Mastercard's 159 billion transactions per year. GenAI enhancements to Mastercard's solutions have enabled issuers to assess account, purchase, merchant and device information faster, making it easier to detect fraud in real time.
Mastercard is also harnessing the power of AI through its Center for Advanced AI and Cyber Technology in Dubai, established in collaboration with the UAE's Artificial Intelligence, Digital Economy and Remote Work Applications Office. Drawing on the company's technical knowledge and expertise, the initiative aims to enhance AI capabilities and readiness in the region. The pioneering AI solutions developed at the Center are helping detect cyberattacks, data breaches and fraud, making the digital ecosystem safer for governments, banks, merchants and consumers.
The solution is planned to be rolled out in Asia Pacific, North America and Latin America later this year.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
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