Mastercard has collaborated with Microsoft to implement a new enhanced identity solution, Digital Transaction Insights, which will improve users’ online shopping experiences and combat digital fraud.
First-party fraud is an increasingly common type of digital fraud, where a legitimate purchase is made online but later disrupted. Mastercard hopes to combat this $50 billion global issue with its improved security measures.
Mastercard’s Digital Transaction Insights solution has been improved with authentication and real-time decisioning intelligence capabilities. The solution will compare Mastercard’s network insights with the merchant’s own data to confirm the identity of the customer and provide financial institutions with the data they need to approve genuine transactions.
Microsoft’s Dynamics 365 Fraud Protection’s proprietary risk assessment capabilities have been integrated with Mastercard’s Digital Transaction Insights to better enable real-time intelligence sharing. This will improve decision-making processes for authorisations, chargebacks and refunds. Organisations will also be able to improve transaction acceptance rates with data that will help them to balance profitability and revenue opportunities against fraud loss and checkout friction.
“Shopping online should be simple, quick and secure,” said Ajay Bhalla, president of cyber and intelligence at Mastercard. “But that isn’t always the case. We’re committed to developing advanced identity and fraud technology to help enhance the real-time intelligence we provide to financial institutions around the globe. This builds on our longstanding commitment of working across the industry to provide advanced technologies that enable trust, and help build a safe and thriving digital ecosystem for all.”
Digital Transaction Insights is used across a range of online checkout systems, such as click-to-pay and in-app purchases.
“We are excited to partner with Mastercard to leverage our cloud-native, cutting-edge fraud assessment tools to empower issuers and merchants to prevent more fraud and approve more genuine users,” said Charles Lamanna, corporate vice president or business applications and platforms at Microsoft. “This partnership lays the foundation for the future of global fraud prevention where data silos are no longer a barrier to security.”