MasterCard to release e-commerce anti-fraud tool

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MasterCard president and CEO Ajay Banga
MasterCard president and CEO Ajay Banga

MasterCard will release an e-commerce anti-fraud product for merchants in May, said Mike Plotnick, MasterCard's communications leader. MasterCard announced the product at the Merchant Risk Council show in Las Vegas. The solution is designed for global merchants to assess transactions on U.S.-issued cards.  

Expert Monitoring Solutions Fraud Scoring for Merchants is designed to measure the likelihood of a fraudulent online transaction in real time using algorithms “specifically for eCommerce merchants.” These models leverage a greater amount of customer transaction history to create a more accurate fraud score, said MasterCard in a statement.

MasterCard's new product, which Plotnick says will have a flat rather than subscription-based fee, is an expansion of Expert Monitoring Solutions Fraud Scoring, released in 2010. The original product, designed for the financial services industry, combined business rules, predictive fraud models, and MasterCard's fraud-related datasets, evaluated risk based on geography, transaction type, the product the card user was attempting to purchase.  

Jonah Gerber, the group head of MasterCard Worldwide's Global Network Products, said in a statement that the increased sophistication of online fraudsters drove the need to develop Expert Monitoring Solutions Fraud Scoring for Merchants.  “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,” Gerber said in a statement. “This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud.”

MasterCard did not reveal how many enterprise-customers it currently has using the product, either in pilot or on a full roll-out. MasterCard reported in a statement the results of simulations it had conducted in which online merchants could save 15-30% on fraud loss declining what the tool scored as high-risk transactions.

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