Sri Lanka-based National Savings Bank (NSB) has selected MasterCard Expert Monitoring Solutions (EMS) with real-time fraud scoring service to offer greater transaction security on cards.
The service uses a combination of Artificial Intelligence (AI) and Smart-Agents technology to detect and prevent fraudulent payment transactions at the time of authorization.
MasterCard said that its technology processes all transactions and provides a real-time predictive fraud score that indicates whether the transaction is fraudulent or high risk.
The service ensures lower instances of false triggers and related declining of transactions for cardholders as well as prevents further misuse in case of loss or theft of card.
NSB general manager and CEO Dammika Perera said: "Its industry-leading fraud modeling and scoring technologies will help us minimize fraud-loss. The flexibility to create decision making rules that are in line with the spending patterns of the Sri Lankan consumer will bring down the number of false triggers."
MasterCard Sri Lanka and Maldives country manager R. B. Santosh Kumar said: "In this regard, we are delighted to partner with NSB and offer the MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service to the bank.
"Representing the latest innovation to the MasterCard suite of fraud prevention services, the solution brings the power of MasterCard fraud experts to NSB’s front-line. Offering higher levels of security to cardholders, it delivers fraud-loss savings directly to the bank’s bottom line."