Mastercard has introduced the Account Intelligence Reissuance, an advanced fraud prevention service designed to effectively manage the card reissuance process in the Eastern Europe, Middle East, and Africa (EEMEA) region. This innovative product utilizes Mastercard’s proprietary Artificial Intelligence (AI) technology and network insights to evaluate the risk level associated with a card and offers AI-driven, actionable recommendations regarding which cards should be monitored or replaced, according to a statement.
Card fraud incurs significant costs for card issuers and merchants, amounting to billions of dollars each year. Issuers typically categorize primary account numbers (PANs) by risk level and reissue compromised cards to avert further unauthorized transactions. This process can be costly and often necessitates manual intervention. The Mastercard Account Intelligence Reissuance solution streamlines and automates these procedures, bolstering fraud prevention efforts against both physical and digital card skimming.
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Real-time fraud protection
“At Mastercard, we have developed a comprehensive portfolio of fraud products that offer valuable and advanced insights and data. We are delighted to expand our proposition with Account Intelligence Reissuance, which takes it a step further by enabling issuers to aggregate data, measure risk, and prioritize the most compromised cards for reissuance. Powered by our world-class AI technology, this highly accurate solution will significantly enhance credit card fraud prevention and customer protection efforts across the industry,” said Selin Bahadirli, executive vice president, Services, EEMEA, Mastercard.
As the digital economy grows and new fraud types emerge, Mastercard has continuously adapted its innovative capabilities to safeguard customers and consumers throughout the payment lifecycle. Mastercard’s Decision Intelligence capabilities help protect its customers and cardholders from fraud across Mastercard’s 159 billion transactions annually. GenAI enhancements to Mastercard’s solutions have enabled issuers to evaluate account, purchase, merchant, and device information more rapidly, facilitating real-time fraud detection.
Mastercard is also leveraging the power of AI through its Center for Advanced AI and Cyber Technology in Dubai, established in partnership with the UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office. Drawing on the company’s technical expertise, this initiative aims to bolster AI capabilities and readiness in the region. The pioneering AI solutions developed at the Center are instrumental in detecting cyberattacks, data breaches, and fraud, thereby making the digital ecosystem safer for governments, banks, merchants, and consumers.
The solution is slated for rollout in Asia Pacific, North America, and Latin America later this year, the statement noted.
