October, 20, 2015
* Set to deploy MasterCard Expert Monitoring SolutionsÔ to Detect Fraudulent Transactions
Allowing the bank to achieve higher detection rates than other conventional solutions, the service uses a unique combination of Artificial Intelligence (AI) and Smart-Agents technology to detect and prevent fraudulent payment transactions at the time of authorization. Its state-of-the-art predictive modeling technology processes all transactions and provides a real-time predictive fraud score that indicates the measure of likelihood that the transaction is fraudulent or high risk. This ensures lower instances of false triggers and related declining of transactions for cardholders. Monitoring transactions in real-time, it can also prevent further misuse in the instance of loss or theft of card.
“Financial service institutions like ourselves constantly strive to ramp up our electronic transaction fraud management infrastructure. Having evaluated the solutions available in the market, we felt that MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service suited to our requirements,” said Mr. Dammika Perera, General Manager / Chief Executive Officer, National Savings Bank. “Having witnessed its capabilities first hand, we believe that it will be a welcome addition to our arsenal of risk protection solutions. Its industry-leading fraud modeling and scoring technologies will help us minimize fraud-loss. The flexibility to create decision making rules that are in line with the spending patterns of the Sri Lankan consumer will bring down the number of false triggers.”
“As Sri Lanka evolves into a middle income economy, we are witnessing a steady growth in the usage of electronic payment solutions for day-to-day transactions bringing with it related security concerns. Taking this into account, we work continuously with our partners in the island to offer greater levels of security”, said Mr. R.B. Santosh Kumar, Country Manager – Sri Lanka and Maldives, MasterCard. “In this regard, we are delighted to partner with NSB and offer the MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service to the bank. Representing the latest innovation to the MasterCard suite of fraud prevention services, the solution brings the power of MasterCard fraud experts to NSB’s front-line. Offering higher levels of security to cardholders, it delivers fraud-loss savings directly to the bank’s bottom line.”
About MasterCard Fraud Management Solutions: MasterCard Fraud Management Solutions Group provides financial institutions with the latest products and services to combat payment fraud and mitigate risk. Our solutions include broad-based risk detection programs, designed to detect and prevent fraud at all stages of the account life cycle.
About MasterCard: MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Photo caption: (From left) Mr. S.D.N. Perera, General Manager / Chief Executive Officer, National Savings Bank handing over the MoU to Mr. R.B. Santosh Kumar, Country Manager – Sri Lanka and Maldives, MasterCard