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MasterCard introduces online debit fraud monitoring tool

05 October 2006  |  8138 views  |  0 Mastercard logo

MasterCard has partnered with California-based BasePoint Analytics to launch an online monitoring tool designed to detect fraudulent PIN debit transactions.

MasterCard Online Fraud Monitor is an advanced fraud detection and mitigation tool that uses a sophisticated risk-scoring model to detect potential fraudulent PIN debit transactions in real time, during the authorisation process.

The model uses advanced analytics that consider factors such as account spending, device level - ATM and PoS - activity and historical transactions to calculate the likelihood of fraud on an individual ATM card or debit account.

When a debit card is read and the PIN is entered the technology examines and scores the transaction for potential fraud, allowing the issuing bank to advise the merchant whether to accept or decline the transaction.

Patricia Preston, SVP, MasterCard Worldwide, says: "Our new solution allows banks and merchants to proactively mitigate fraud on these transactions without consumers having to change how they use their cards."

The card company says the new service is the first network-installed security system for global PIN fraud detection.

In a separate move MasterCard a new mobile-based service that will enable US cardholders to request the location of the nearest ATM to be sent to their mobile phone via SMS text message.

The new service works with all major mobile phone operators in the US. Customers will be given a number to call and then asked to state their coordinates to get the location of the nearest MasterCard ATM. They can then choose to have a text message sent to their mobile phone detailing the location of the nearest teller.

Mastercard says it is contacted by two million cardholders each year via either telephone or its Web site specifically to find the location of nearby ATMs.

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