“Fraudsters are becoming increasingly sophisticated in their approach, so online merchants must be even more vigilant in their efforts to protect the integrity of the online shopping experience for cardholders,” says Johan Gerber, Group Head, Global Network Products for MasterCard Worldwide. “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. This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud.”
http://www.paymentsnews.com/
This is an interesting idea, as it increases automation and the ability to track individual accounts. Is there any chance that this could hurt customers by causing too many red flags on an account, shutting down the card temporarily while MasterCard seeks a solution? It seems to me like this solution could either help or hurt the consumer depending on what type of activity that individual is participating in.
ReplyDeleteI'm glad they are taking a stance to prevent online purchasing fraud. Personally, if that were to happen to me I would be very upset knowing that my confidential information were being sought out due to the lack of security on the purchaser's website.
ReplyDeleteI am wondering if this will create more frustration for the cardholder than it will actually help them. While I want my account to be secure and protected I do not want to have to wait around trying to make a purchase because they are questioning whether its fraudulent.
ReplyDeleteWith more and more people being victims of credit fraud it is good to see companies taking a step forward and trying to prevent it form occurring.
ReplyDeleteI like the fact that companies are attempting to stop credit card fraud because if credit card fraud is reduced, less people will have to deal with it.
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