Mastercard Expands AI Tech to Help Banks Stop Scams in Real Time
Hey Payments Fanatic!
In a bold move to combat the growing threat of Real Time Payment scams, Mastercard has upgraded its Consumer Fraud Risk (CFR) solution, offering new AI-powered insights to UK banks.
These enhancements come just in time, as new regulations from the UK’s Payment Systems Regulator (PSR) will soon mandate that banks reimburse victims of Authorised Push Payment (APP) fraud—a scheme that cost UK consumers a staggering £460 million ($607 million) in 2023 alone.
The CFR solution now empowers receiving banks to identify potential scams within seconds, providing an additional defense against fraudulent transactions. With this update, Mastercard aims to curb the deceptive tactics of fraudsters using fictitious websites, emails, and phone calls that lead to significant financial losses.
As we move closer to the October 7th deadline for mandatory reimbursement of APP fraud victims, Mastercard’s latest advancements ensure that banks have the tools to protect consumers proactively, stopping scams before they can inflict harm.
Keep reading for more payments updates below.
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