I love sports analogies and one of the best is the old saying, “the best defense is a strong offense.” At MasterCard, protecting our cardholders is of the utmost importance; equally important is ensuring the security of the payment as a whole. When we look at prepaid we’re encouraged by the low frequency of fraudulent activity as evidence that our offense is proving effective. But, we also know that we can’t be complacent with that.
We continue to focus our efforts on enhancing system integrity, safety, and security at the point of interaction. This means leveraging:
Data and Insight –We monitor each and every prepaid transaction that occurs around the world in order to stay ahead the trends Our efforts are not just about the data from a single bank or program manager but rather a holistic approach. At MasterCard, our Prepaid Monitoring Program assesses every prepaid transaction to help identify suspicious patterns. Being embedded into our network, it does not require banks or program managers to take any action, submit any information, or access any database. Our service identifies potential fraud and reacts immediately.
Real-Time Response – The key to mitigating this risk is knowing when and where it’s occurring and putting our efforts against those channels. Time is of the essence to ensure threats are halted as quickly as possible. This means having a “circuit breaker” in place that automatically responds to detected threats and defuses the issue as quickly as possible.
Fraud prevention never stops. Our ability to monitor suspicious patterns in real-time and immediately act against such activity is essential. MasterCard remains committed to putting forth our best offense to protect cardholders, governments, merchants and banks across the globe.