Providing a risk assessment on consumer purchases from Virtual Asset Service Providers (VASPs) is the aim of Crypto Secure, a service Mastercard is making available to card issuers worldwide. VASPs are 3,600 crypto exchanges and other companies that sell digital currencies.
Real-world applications that leverage the great power of quantum computing technology are not years away from making a commercial impact as many IT department heads believe. Financial institutions including Bank of Canada, BBVA and CaixaBank are already working with the technology, which uses the laws of quantum mechanics to solve problems that are too complex for legacy, silicon-based “classical” computers.
The FICO Blaze Advisor decision rules management system has been used in a variety of markets including financial services and telcos for more than 20 years to automate the onboarding of new customers, support lending, facilitate insurance claims and other uses.
Fighting fraud is expensive for online merchants. At merchants that sell physical goods, the combined cost of packaging and shipping, implementing fraud fighting technology, the internal staff needed to oversee questionable transactions as well as chargeback management and resolution can more than double the monetary value of the goods lost to criminals.
Behavioral biometric specialist BehavioSec operates within the Business Services group of LexisNexis Risk Solutions following its acquisition in May 2022. Terms of the deal were not disclosed. Sweden-based BehavioSec has clients in North America, Europe and the Middle East that use its behind-the-scenes passive biometric technology to protect against fraud tied to opening new accounts, takeover of existing accounts and other criminal scams.
Brazil-based Payface piloted its biometric payment engine in 2019 with restaurant Biezza in a closed-loop system and launched it for open network payments last year with that country’s top merchant acquirer Cielo. Mastercard has selected Payface as a vendor in its global Biometric Checkout Program.
Protecting financial institutions from criminals that combine valid and fake personally identifiable information (PII) to create a synthetic identity is the goal of Verify Identity from Early Warning Services. Criminals use synthetic identities to open deposit, credit card and personal loan accounts.
Keyno, which provides technology that lets card issuers significantly boost protection against online card-not-present (CNP) fraud with dynamic CVV2 services, has expanded its partnership with Visa. The companies are jointly marketing an integrated dCVV2 transaction-level authorization service worldwide.
Recognizing the opportunity to further reduce friction in the payment process as well as to provide consumers with another method of payment, Mastercard has created the Biometric Checkout Program.
When the principals at Nethone began building their machine learning-based online fraud fighting platform in 2016, they recognized that future success in mitigating card-not-present losses would depend less on the approach of legacy providers—models built on massive amounts of historical data.
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