Mastercard to help law enforcement agencies detect fraud in Singapore

Tuesday 10 July 2018 10:06 CET | News

Mastercard has announced its partnership with the Commercial Affairs Department of the Singapore Police Force to help law enforcement agencies detect payment card fraud.

The Mastercard Forensic Reader (MFR) device enables law enforcement agencies to instantly contact the issuing bank to determine if the card is authentic or counterfeit within seconds. The reader is designed to be able to read chip, magnetic stripe or contactless cards.

Resembling an in-store point-of-sale terminal, the MFR aims to boost the timeliness and accuracy in investigating payment card fraud of Mastercard and other payment cards. In the past, such investigations required protracted processes involving multiple parties such as investigation agencies, payment solution companies and card issuers. The introduction of the MFR enables law enforcement agencies to process seized fraudulent cards and verify with the relevant card issuer if the card is a suspected counterfeit in a matter of seconds.

Originally piloted in 2015, law enforcement agencies in Macau and Taiwan were among the first to adopt the MFR in Asia Pacific.

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Keywords: MasterCard, Singapore, payment fraud, law enforcement, card issues
Countries: World