Digital Transactions--April 25, 2022--With consumers—and criminals—flocking to e-commerce, card issuers and merchants are not only experiencing a significant increase in fraud, but also in so-called friendly fraud committed by cardholders who dispute legitimate purchases after the fact. As a result, merchants’ need for stronger cardholder verification tools is growing.
To address that need, Mastercard Inc. announced Monday it has partnered with Microsoft Corp. to enhance its Digital Transaction Insights identity-verification solution by integrating Microsoft’s Dynamics 365 Fraud Protection application. The application leverages adaptive artificial intelligence to assist in real-time fraud detection by identifying risky behaviors across purchases, cardholder accounts, and in-store activities. The integration will enable real-time intelligence sharing to help card issuers improve authorizations and reduce friendly fraud, which Mastercard estimates costs the card industry $50 billion annually worldwide. The rollout, which will take place in phases, will begin next year.
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