The company explained how this new system works and what it provides in a press release dated April 24th:
- Mastercard Identity assists in verifying that someone is who they say they are throughout the lifecycle of an account. This is critical because scammers open or take over accounts to fraudulently apply for credit, create so-called “mule” bank accounts to receive stolen funds, or to impersonate someone using a false identity.
- From the moment an account-to-account or card-based payment is initiated, Mastercard’s behavioral biometrics can access physical interactions across devices to identify any unusual behavior, such as hesitating while typing or interacting with the website or app.
- Specific to real-time account-to-account payments, Mastercard’s Consumer Fraud Risk solution provides banks with the intelligence to help detect and prevent payments to scammers. Now live in the UK with 10 large banks, Consumer Fraud Risk leverages AI and Mastercard’s unique view of account-to-account transactions, to help banks intervene in real time and stop a payment to a scammer before funds are sent.
- When a consumer initiates an account-based payment from their bank account, Mastercard enables account validation to confirm account ownership and validate identity details in real-time through Mastercard Open Banking, which draws on the safe exchange of consumer-permissioned data to facilitate frictionless and secure payments.
Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize. Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world.
Chris Reid, EVP of Identity Solutions, Mastercard, said
Moreover, Mastercard has teamed-up with telecommunications giant Verizon, providing their data and logistics to help analyze these potential scams. ‘They will collaborate on new solutions to protect consumers from scams across multichannel attack vectors,’ Mastercard said.
Mastercard revealed they are also ‘partnering with Entersekt, a global financial authentication company that is using Mastercard Identity to help financial institutions fight scams.’
‘Using Mastercard’s behavioral biometrics, Entersekt enables banks to “step up” higher-risk transactions, verifying a sender’s biometrics to authenticate the transaction. This extra step can protect senders before the funds leave their account,’ the company explained.
SEE: Mastercard Releases New Biometric Payment Option ‘Smile To Pay’
AUTHOR COMMENTARY
I mention this because once again these giant conglomerates are just stealing more of our information in the name of protecting against fraud. Yes, the scams and thefts are real, but now Mastercard is openly saying they will be monitoring actions with precise behavior models to snuff out potential scams.
Galatians 2:4 And that because of false brethren unawares brought in, who came in privily to spy out our liberty which we have in Christ Jesus, that they might bring us into bondage:
*for instruction in righteousness (2 Timothy 3:16)*
It’s interesting that this announcement was made right around the same time Verizon was ordered to pay a miniscule fine imposed on them by the FCC, after it was found they were illegally selling customers’ private data, while at the same time the FISA Act was just renewed to allow for this blatant snitching on Americans for everything we say and do online, and then some.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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