20 January 2018
visit http://response.ncr.com

Mastercard releases Early Detection System to warn banks of at-risk cards

02 October 2017  |  8368 views  |  0 Credit card

With card breaches at retailers becoming an everyday occurrence, MasterCard is arming banks with a tool that helps predict which customer accounts are most at risk of fraudulent activity following a third party compromise.

The launch of Mastercard's Early Detection System comes as banks face up to the crippling costs of an endemic cyber-crime spree hitting the payment cards business. Just last week Whole Foods and Sonic warned that their systems had been breached and consumer card details lifted. This followed the news of a massive breach at Equifax which exposed the details of 143 million accounts.

Mastercard estimates that it can take as little as nine minutes for stolen data posted to the dark web to be used, and that speed is of the essence for banks wishing to protect customer accounts.

Knowing that not all compromised accounts will be used fraudulently, Early Detection System uses network insights, predictive capabilities and a combination of internal and external data sources, to determine if a card or account is at risk and sends an alert to the issuer with a quantification of the level of risk. Mastercard says the system provides issuers with alerts on a much broader set of at-risk accounts, potentially six to 18 months ahead of traditional warnings.

“Knowledge is power, and this service helps issuers act significantly faster and with greater precision to stop potential fraud before it occurs,” says Ajay Bhalla, president of enterprise risk and security at Mastercard. “Our issuers can now proactively target the fraudulent activity resulting from previously breached or hacked data, helping them reduce costs and maintain the best possible cardholder experience.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Equifax hack: Visa and Mastercard flag 200k compromised credit cards

Equifax hack: Visa and Mastercard flag 200k compromised credit cards

15 September 2017  |  15888 views  |  2 comments | 8 tweets | 17 linkedin
Huge Equifax breach hits 143 million consumers

Huge Equifax breach hits 143 million consumers

08 September 2017  |  8285 views  |  2 comments | 5 tweets | 14 linkedin
Firms still struggling with PCI DSS compliance

Firms still struggling with PCI DSS compliance

01 September 2017  |  17225 views  |  8 comments | 16 tweets | 29 linkedin
Kmart suffers another card data breach

Kmart suffers another card data breach

01 June 2017  |  11917 views  |  0 comments | 7 tweets | 6 linkedin
Financial sector breaches skyrocket in 2016

Financial sector breaches skyrocket in 2016

28 April 2017  |  11130 views  |  0 comments | 20 tweets | 33 linkedin
Intercontinental card data breach hits 1200 hotels

Intercontinental card data breach hits 1200 hotels

19 April 2017  |  8121 views  |  0 comments | 6 tweets | 10 linkedin
Payday loan firm hit by data breach

Payday loan firm hit by data breach

10 April 2017  |  5860 views  |  0 comments | 6 tweets | 6 linkedin
Verifone investigates network breach - Krebs

Verifone investigates network breach - Krebs

08 March 2017  |  4195 views  |  0 comments | 4 tweets | 4 linkedin
Number of US data breaches jumps 40% in 2016

Number of US data breaches jumps 40% in 2016

20 January 2017  |  8112 views  |  0 comments | 7 tweets | 18 linkedin
Nets warns of card data breach

Nets warns of card data breach

26 October 2016  |  11466 views  |  0 comments | 8 tweets | 9 linkedin
Indian banks hit by massive ATM breach

Indian banks hit by massive ATM breach

20 October 2016  |  10629 views  |  2 comments | 17 tweets | 25 linkedin
Police arrest Sage staffer over data breach

Police arrest Sage staffer over data breach

18 August 2016  |  5723 views  |  0 comments | 8 tweets | 2 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.ebaday.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
12237 views comments | 33 tweets | 38 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
7547 views comments | 11 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
7420 views comments | 14 tweets | 14 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
6650 views 1 | 6 tweets | 2 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job