October 3, 2017 -
Mastercard has launched Early Detection System, a new service that provides issuers with a unique advanced alert for cards and accounts that detects a heightened risk of fraudulent use based on their exposure to security incidents or data breaches.
Considering that not all compromised accounts will be used fraudulently, and a quick response time is crucial in these situations, Mastercard developed Early Detection System to help financial institutions take action more rapidly in an effort to preempt more serious attacks.
Leveraging Mastercard network insights, predictive capabilities and a combination of internal and external data sources, Early Detection System assesses whether a card or account is at risk and alerts the issuer with a quantification of the level of risk.
The issuer is then able to use this level of risk to more accurately prioritize what action to take, which ranges from monitoring transactions more closely to proactively issuing a replacement card.
“Knowledge is power, and this service helps issuers act significantly faster and with greater precision to stop potential fraud before it occurs,” said Ajay Bhalla, president of enterprise risk and security at Mastercard. “Our issuers can now proactively target the fraudulent activity resulting from previously breached or hacked data, helping them reduce costs and maintain the best possible cardholder experience.”
Early Detection System is available to issuers globally and captures all types of fraud across all transaction channels.
Using the system, issuers can identify everything from active criminal trading of account data, to the identification of cards being tested before they are used for fraud, to account data that appears at-risk but without sufficient evidence to declare an Account Data Compromise event.
As a result, issuers will be provided with alerts on a much broader set of at-risk accounts — potentially 6 to 18 months in advance of traditional alerts.