American multinational financial services corporation Mastercard Inc. has announced the launch of an enhanced identity solution to tackle digital fraud, thereby improving the online shopping experience. Mastercard has developed the next-generation identity technology with the help of Microsoft.
Mastercard has integrated Microsoft’s Dynamics 365 Fraud Protection’s proprietary risk assessment “to better enable real-time intelligence sharing in an easily consumable and actionable format.” This will not only enable issuers to enhance their decision-making processes for authorizations, chargebacks, and refunds but also improve transaction acceptance rates and revenue opportunities against fraud loss and checkout friction.
Charles Lamanna, corporate vice president of Business Applications and Platforms at Microsoft, 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.”
Ajay Bhalla, president, Cyber and Intelligence at Mastercard, 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.”
Back in 2018, Microsoft and Mastercard entered into a strategic partnership to give people a secure, fast way to verify their digital identity with whomever they want, whenever they want. We are now seeing the fruition of that strategic partnership that both companies entered about four years ago.