Mastercard has rolled out Early Detection System, a predictive tool that enables issuers to combat account related frauds after data breaches.
Available to issuers globally, the new service uses Mastercard network insights, predictive capabilities and a mixture of internal and external data sources to conclude whether a card or account is at risk of fraudulent use.
If the Early Detection System determines that a card or account is at greater risk of fraudulent use, it sends issuers a unique advanced alert with a quantification of the level of risk.
Subsequently, the issuer uses the level of risk to accurately prioritise what action needs to be taken, including monitoring transactions more closely to proactively issuing a replacement card.
The Early Detection System, which captures all types of fraud across all transaction channels, recognises everything from active criminal trading of account data, to identification of cards being tested prior to being used for fraud, to account data that appears at-risk.
Mastercard said that the new tool provides issuers with alerts on a much broader set of at-risk accounts potentially six to 18 months ahead of traditional alerts; thus helping them to decrease fraud-related costs while enhancing the consumer experience.
Mastercard president of enterprise risk and security Ajay Bhalla said: “Knowledge is power, and this service helps issuers act significantly faster and with greater precision to stop potential fraud before it occurs.
“Our issuers can now proactively target the fraudulent activity resulting from previously breached or hacked data, helping them reduce costs and maintain the best possible cardholder experience.”