Worried about someone grabbing your debit card and you pin number, and going on a spending spree at your expense? MasterCard Worldwide's MasterCard Online Fraud Monitor, a new advanced fraud detection and mitigation solution, is designed to enhance security for PIN debit transactions.
Developed in collaboration with BasePoint Analytics, this offering uses a new sophisticated risk-scoring model to detect potential fraudulent PIN debit transactions in real-time, during the authorization process. The model uses advanced analytics that consider factors such as account spending, device level (ATM and POS) activity, and historical transactions to calculate the likelihood of fraud on an individual ATM card or debit account.
Credit Federal Note: The new feature should add more protection against fraud, but this measure may not prevent all fraudulent transactions, such as the first fraudulent transaction if it meets the parameters of 'normal use' (in the cardholders city/state), but may detect additional fraudulent transactions which are not a normal occurrence by the card holder.
According to MasterCard, when a debit card is swiped and the PIN number is entered, MasterCard's technology instantly examines and scores the transaction for potential fraud, allowing the issuing bank to advise the merchant whether to accept or decline the transaction. MasterCard Online Fraud Monitor is the only network-installed, global ATM and PIN POS fraud detection tool in the industry to protect PIN transactions.
MasterCard Online Fraud Monitor joins a host of leading security solutions already offered by MasterCard. MasterCard has pioneered security innovations and continues to be committed to providing the safest, most secure and most reliable payment programs.
Expert Monitoring System (EMS), MasterCard Alerts, and other state of the art fraud detection and network monitoring technologies, continuously help ensure the safety of every transaction, around the clock and around the world. These advanced systems help banks prevent fraud by monitoring, identifying and stopping improper payment card transactions.
Recently, the company introduced the MasterCard All-in-One Authentication Device and MasterCard Mobile Authentication as the two newest additions to MasterCard's suite of online security solutions. Other existing Internet security offerings include MasterCard® SecureCode™, a global e-commerce solution that authenticates cardholders using MasterCard to make purchases online.
The new MasterCard Online Fraud Monitor will be available during the first quarter next year.
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