In the past, a lost wallet, stolen credit card, or misplaced ID were among the paramount culprits of identity theft.Today, one need not lose a thing to eventually lose it all. commerce merchants have a new tool at their disposal to help mitigate the risk of fraud in online transactions, with MasterCard’s introduction of Expert Monitoring Fraud Scoring for Merchants.
MasterCard will release an e-commerce anti-fraud product for merchants in May, said Mike Plotnick, MasterCard's communications leader. MasterCard announced the product at the Merchant Risk Council show in Las Vegas. The solution is designed for global merchants to assess transactions on U.S.-issued cards.
In other words, the service provides merchants with a “predictive fraud score for Card-Not-Present transactions in real time to measure the likelihood that a transaction is fraudulent.”Basically, the service looks at the buyer’s history and gives an evaluation, much like a summarized list of references but in the form of a single score.
“Fraudsters are becoming increasingly sophisticated in their approach, so online merchants must be even more vigilant in their efforts to protect the integrity of the online shopping experience for cardholders,” says Johan Gerber, Group Head, Global Network Products for MasterCard Worldwide. “Our new tool allows acquirers and their participating merchants to look at the potential for fraud in a transaction in real time, and integrate the data into any existing fraud detection solution. This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud.”
Beginning in May, the Expert Monitoring Merchant Fraud Scoring tool will be available as an option for acquirers and their merchants across the globe on all Card-Not-Present transactions originating from U.S.-issued cards.