US-based payment technology firm Mastercard in partnership with Microsoft has introduced an improved identity solution designed to enhance the online shopping experience and combat digital fraud.
Mastercard said it is updating its Digital Transaction Insights solution with next-generation authentication and real-time decisioning intelligence capabilities, helping more consumers shop online safely.
The solution combines Mastercard’s network insights with the merchant’s own data to validate the consumer is who they claim to be, providing financial institutions with the additional intelligence needed to optimise their authorisation decisions and approve more genuine transactions.
Digital Transaction Insights is implemented across various online checkout instances, from click-to-pay functionality and wearables to digital wallets and in-app purchases.
Mastercard cyber and intelligence president Ajay Bhalla said: “Shopping online should be simple, quick and secure. But that isn’t always the case. We’re committed to developing advanced identity and fraud technology to help enhance the real-time intelligence we provide to financial institutions around the globe.
“This builds on our longstanding commitment of working across the industry to provide advanced technologies that enable trust, and help build a safe and thriving digital ecosystem for all.”
Mastercard said Microsoft will be the first partner to share its insights and integrate with the new Digital Transaction Insights solution across its several business lines.
Mastercard’s Digital Transaction Insights has been integrated with Microsoft’s Dynamics 365 Fraud Protection’s risk assessment to better enable real-time intelligence sharing in a consumable and actionable format.
The integration will allow issuers to improve their decision-making processes for authorisations, chargebacks and refunds, said Mastercard.
Furthermore, businesses can enhance transaction acceptance rates with insights that support them balance profitability and revenue opportunities against fraud loss and checkout friction.
Microsoft business applications and platforms corporate vice president Charles Lamanna said: “We are excited to partner with Mastercard to leverage our cloud-native, cutting-edge fraud assessment tools to empower issuers and merchants to prevent more fraud and approve more genuine users.
“This partnership lays the foundation for the future of global fraud prevention where data silos are no longer a barrier to security.”
