Credit card fraud online is a big problem for businesses, buyers, and sellers alike. One of the major products in the space of Mastercard payment cards operates silently using a technology called Mastercard Identity Check, in an effort to reduce fraud.
How Mastercard Is Improving Fraud Detection?
Mastercard Identity Check is based on EMV 3-D Secure (3DS) 2.0 specification that provides a secure layer of online payment card services if the payment card itself is not available for physical verification. With Identity Check, Mastercard incorporates digital learning capabilities that ensure more than 150 flexibility as part of the work process to help financial card issuers make quick and accurate decisions. If you are from Bangladesh and need Mastercard or VISA card for transactions, you can apply for Mastercard in Bangladesh.
“Our ultimate goal is to make payments safer, easier and smarter,” Chris Reid, North America’s senior vice president of security and data, Mastercard, told eWEEK.
EMV (Europay, Mastercard, Visa) chip technology is now integrated with many credit cards issued worldwide. The promise of EMV is increased protection over the old magnetic line and reduced fraud. Reid said with EMV, credit card authorization rates are as high as 90 percent worldwide. In contrast, in the digital environment, Mastercard is often referred to as the “No Card” authorization rates are low.
EMV 3-D Secure 2.0
With version 2.0 of the EMV 3-D Secure specification, 10 times the data in version 1.0 of the definition can be transferred to all transactions, providing financial institutions with additional data points where they can support the decision to authorize payment.
Although Mastercard Identity Check uses EMV 3-D Secure 2.0, it goes beyond the basic specifications it allows, with both practical and behavioral analysis capabilities in the data collected. Statistical technologies are able to analyze the data collected and make more accurate recommendations regarding authorization requests.
There are many ways technology looks at user behavior. Is it possible to get $10,000 dollars free? For example, a single data point can be when a user moves his mouse or trackpad in a way that is consistent with previous actions, and more importantly, human behavior. One of the biggest problems financial institutions and traders have to deal with is the proliferation of automated bots looking to commit various forms of online fraud.
EMV 3-D Secure 2.0 is a 1.0 version of the definition, which collected only 15 data points per transaction. Reid explained that with the definition of 1.0 if there is a problem, the financial institution can use a method to deal with the challenge/reaction with the vendors. That approach introduces additional delays in the payment cycle, which Mastercard Identity Check seeks to reduce.
“What we do successfully is that we absorb all those different data elements, use real-time machine learning and learning skills, and send that information to producers in points for success. you can make decisions. ”
Reid said that as part of the Mastercard Identity Check pre-payment program, a number of Mastercard major customers have used the technology and found that they can reduce authorization delays by a limited amount. The Mastercard Identity Check system is now increasingly distributed worldwide to financial service providers and brokers.
For consumers and businesses that use Mastercard to pay, Reid said the Identity Check technology is transparent and will help limit the risk of false signals for payment authorization requests.