Faster Fraud Detection System from Mastercard
New systems will report suspicious card activity in minutes
10th February 2005
Credit card clearance company Mastercard has launched a new fraud detection system which aims to cut the cost of fraud by reporting suspicious card activity in minutes rather than hours.
Currently, when a suspicious transaction is detected, the issuing bank is notified, and will attempt to contact the customer to verify that all is well. This manual process can take several hours in some cases.
The new system will alert the cardholder almost immediately by sending a text message to their mobile phone, greatly reducing the time it takes for a fraud to be confirmed, and so reducing the chance of multiple fraudulent transactions on the same card.
Read More: mBlox Press Release
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