Mastercard has launched a new suite of AI-driven tools to protect customers against scams. LexisNexis Risk Solutions is reporting a correlation between spiking fraud rates and customer trust. And Feedzai is seeing significant growth in its behavioral biometrics business.

Mastercard AI security suite aims to foster trust in the digital world
Mastercard's offering, Scam Protect, combines its digital identity, biometric, AI and open banking capabilities to safeguard consumers from a wide spectrum of scams, from card-based and account-to-account payments to fraudulent account openings using fake or stolen identities. A press release from the credit giant says the system provides comprehensive protection by performing identity verification throughout the lifecycle of an account, and benefits from partnerships with organizations across the ecosystem of financial services, telecommunications, consumer advocacy and more.

"Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize," says Chris Reid, Mastercard's EVP of identity solutions. "Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world."

Verizon is among Mastercard's larger partners in implementing new protections against multichannel attack vectors. The two companies will collaborate to leverage Mastercard's AI-based identity tools with Verizon's network technologies, to get ahead of scammers and fraudsters. Kyle Malady, CEO of Verizon Business, says that while the security landscape and scamming tactics are constantly evolving, one constant has been social engineering – using texts and phone calls to coerce people. "By combining our expertise, we're building solutions to identify and thwart scammers before they initiate contact."