Don’t mess with MasterCard. That’s what the well-known and equally well-respected consumer credit card giant is saying this week as the company introduces a new weapon in the battle against online shopping fraud.
With the stated goal of helping online merchants “mitigate the risk of fraud in online transactions,” MasterCard is preparing for the release of “Expert Monitoring Fraud Scoring for Merchants.”
The new tool enhances merchants’ insight into card behavior beyond a merchant’s website or a cardholder’s shopping cart.
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.
This is done using fraud detection models designed specifically for eCommerce merchants, MasterCard says, which uniquely enables merchants to evaluate a longer span of transaction history to deliver a fraud score that more accurately describes online cardholder behavior.
“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 of 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.”
The new service will launch in May.
