The Early Detection System provides an advanced alert to the issuers for cards and accounts that are at a greater risk of fraudulent use. The alert is issued based on the exposure of the cards and accounts in security incidents or data breaches.
The Early Detection System uses Mastercard network insights, predictive capabilities, and a combination of internal and external data sources to determine whether a card or account is at risk. It then sends an alert to the issuer, indicating the level of risk.
Based on the level of risk, the issuer will be able to prioritize the action that is to be taken. The action will include monitoring transactions more closely and issuing a replacement card.
Issuers across the world can make use of the Early Detection System, which captures all types of fraud across all channels of transaction.
The system not only identifies active criminal trading of account data, but also cards tested prior to being used for fraud. The system also identifies account data that appears at-risk but without sufficient evidence to declare an Account Data Compromise event.
By monitoring and identifying activity, the Early Detection System provides alerts to issuers on a broader set of at-risk accounts six to 18 months ahead of conventional alerts.
Mastercard enterprise risk and security president Ajay Bhalla said: “Knowledge is power, and this service helps issuers act significantly faster and with greater precision to stop potential fraud before it occurs.”
“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,” Bhalla said.
Image: Mastercard at Mobile World Conference 2017. Photo: courtesy of MasterCard.
