Mastercard has announced the launch of its threat intelligence solution, developed in order to fight payment fraud at scale.
Following this announcement, the service was developed in order to combine Mastercard’s fraud insights and global network visibility with curated cyber threat intelligence from Recorded Future's platform.
This process aims to optimise the manner in which payment fraud and merchant compliance teams at issuing and acquiring banks detect, prevent, and respond to cyber-enabled fraud.
More information on Mastercard’s threat intelligence solution launch
According to the official press release, 57% of global fraud leaders report that they are notified of cyber breaches only after fraud losses begin. In addition, payment fraud is no longer seen just as a financial issue for fraud teams, but represents a cybersecurity challenge that directly impacts an organisation’s bottom line. With this in mind, Mastercard Threat Intelligence aims to bridge these communication gaps, enabling fraud and security teams to work together in order to stop fraud before it happens.
Furthermore, key features of Mastercard Threat Intelligence include card testing detection (this will be represented by real-time alerts and proactive declines of fraudulent test transactions, aiming to reduce downstream fraud and safeguard cardholders), digital skimming intelligence (including quantitative data to help customers assess skimmer impacts and disrupt card-related malware, tapping into Mastercard's partners and collaborators in order to protect the payment ecosystem), and merchant threat intelligence (representing a series of targeted payment fraud insights and high-level payment threat intelligence focused on assessing merchant risk and enabling faster incident response). In addition, the product will also feature payment ecosystem threat intelligence (including weekly reports detailing emerging threats and vulnerabilities across the broader payments landscape), as well as payment intelligence reports (represented by actionable case studies and fraud trend analysis to inform strategy and strengthen the overall defenses).
