MasterCard Worldwide will introduce in the first quarter of 2007 a new service to help banks and other card issuers detect and stop PIN-based debit card fraud in real time. “From our perspective, a PIN transaction is probably the most secure transaction” a cardholder can make, said Jerry Sargent, MasterCard’s vice president of debit strategy and alliance development. The new service will add to that security while at the same time alleviating growing consumer concerns about online fraud, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
A majority of banks currently use Fair Isaac Corp.’s Falcon fraud-detection system and their own homegrown systems for dealing with payment card fraud, she said. “But MasterCard, along with Visa, is in a better position to see networkwide transactions,” which can be an advantage in detecting fraud, Litan said.<\/p>\n
MasterCard’s Online Fraud Monitor service will use a proprietary risk-scoring model that will look at factors such as account spending, transaction histories and device-level activity to calculate the likelihood of fraud on an individual ATM transaction, Sargent said. For instance, if a card that in the past has been used only domestically were to be used in a large transaction in a foreign country, the transaction would automatically be flagged as high-risk for follow-up action.<\/p>\n
MasterCard already offers a similar fraud-detection capability for credit card and signature-based ATM transactions via its Expert Monitoring System and MasterCard Alerts services.<\/p>\n
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