Mastercard and Microsoft revealed that they are integrating their capabilities to tackle digital fraud. Mastercard's Digital Transaction Insights will incorporate Microsoft's Dynamics 365 Fraud Protection artificial intelligence (AI) technology to aid financial institutions and credit issuers in detecting fraud while approving legitimate transactions.
According to the press release, the partnership's purpose is to help consumers and company owners conduct safe and frictionless online transactions. Fraudsters who obtain customer information and use it to dispute legitimate transactions will be better protected by technology. It's a type of digital fraud that's getting increasingly common, according to Mastercard.
This developing tendency is addressed by Digital Transaction Insights. It uses Mastercard's cutting-edge authentication technology to validate merchant data to more confidently confirm the consumer's identity.
Mastercard's Digital Transactions can also react to changing digital threats due to the incorporation of Microsoft's AI technologies. Most online transactions, including those done using smartwatches and digital wallets, will be facilitated by the technology.
"Shopping online should be simple, quick, and secure," said Ajay Bhalla, president of cyber and intelligence at Mastercard, in a press release. "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 world."
Microsoft's Dynamics 365 Fraud Protection uses adaptive AI to detect fraud in real-time by watching for anything unusual or suspicious in user activity. The integration of Microsoft's technology with Mastercard's, according to the news release, might also enhance transaction acceptance rates.