Copyright bworldonline
MASTERCARD has launched an intelligence solution in the Asia-Pacific (APAC) region to detect fraud and other cyberthreats targeting card transactions. Mastercard Threat Intelligence combines the company’s global fraud insights with cyberthreat intelligence from Recorded Future, which it acquired less than a year ago. It allows financial institutions across APAC to detect, prevent, and respond to cyber-enabled fraud. “Payment fraud is no longer just a payment system issue — it’s a cybersecurity challenge that directly impacts an organization’s bottom line. Mastercard Threat Intelligence bridges communication gaps, enabling fraud and security teams to work together seamlessly to stop fraud before it happens,” Matthew Driver, executive vice-president of Services, Asia Pacific at Mastercard, said in a statement. Financial institutions will get real-time alerts of fraudulent test transactions which will be proactively declined, helping protect cardholders. Card issuers and acquirers also get access to quantitative data to assess skimmer impacts and prevent card-related malware, and targeted insights to assess merchant risk and enable faster incident response. They will also receive weekly reports on emerging threats and vulnerabilities across the global payments landscape, as well as case studies and fraud trend analysis. Mastercard said conducted market testing of the solution over six months, with the data provided able to help them identify and take down malicious domains tied to payment card data theft that affected nearly 9,500 e-commerce sites and were linked to an estimated $120 million in fraud losses. “Asia Pacific is seeing a surge in cyber-enabled fraud, and the need for integrated intelligence has never been more urgent,” said Aditi Sawhney, senior vice-president of Security Solutions, Asia Pacific at Mastercard. “We’re helping our customers move from fragmented responses to unified, intelligence-led defense strategies that strengthen resilience across the payments ecosystem.” — AMCS
