Mastercard Takes a Giant Leap in Digital Security with New Service in EEMEA
In an exciting development that promises to reshape the landscape of digital banking security, Mastercard has unveiled its groundbreaking fraud prevention service, Account Intelligence Reissuance, specifically designed for the Eastern Europe, Middle East, and Africa (EEMEA) region. With Egypt positioned as a pivotal hub for this initiative, the service aims to empower issuing banks to swiftly and effectively identify and replace compromised cards, significantly enhancing consumer safety in the process.
The new service harnesses the power of Mastercard’s state-of-the-art artificial intelligence (AI) coupled with comprehensive network-wide data. By evaluating card risk in real time, the system provides banks with actionable insights regarding whether a card should be replaced or merely monitored. This innovative approach is essential in combating both digital and physical card skimming, a pressing issue as cybercriminals continuously evolve their tactics in today’s tech-driven world.
Globally, card fraud poses a staggering challenge, costing banks and merchants billions every year. Historically, banks have relied on manual reviews to assess and reissue cards based on perceived risk—a method that can be slow and labor-intensive. Mastercard’s AI-enhanced system automates this laborious process, enabling banks to focus on the most vulnerable accounts and strengthen fraud protection while ensuring minimal disruption for customers.
Selin Bahadirli, Executive Vice President for Services at Mastercard EEMEA, expressed enthusiasm for the launch: “We are delighted to expand our fraud prevention portfolio with Account Intelligence Reissuance, which enables issuers to measure risk and respond with greater precision. This solution, powered by Mastercard’s world-class AI, provides invaluable insights that will enhance cardholder protection across the region.”
This launch is an integral part of Mastercard’s larger mission to fortify the digital economy. The company processes an astonishing 159 billion transactions annually and has consistently adapted its fraud prevention suite to stay ahead of emerging threats. With enhancements driven by Generative AI (GenAI), Mastercard can now analyze transactions with enhanced accuracy, taking into account factors like account status, device, merchant, and location—ultimately preventing fraud before it takes root.
Egypt’s strategic position in the EEMEA region is a strong testament to Mastercard’s commitment. The company also maintains a Center for Advanced AI and Cyber Technology in Dubai, developed in partnership with the UAE’s Office for Artificial Intelligence, where cutting-edge tools aimed at detecting cyberattacks, data breaches, and payment fraud are continuously evolving.
As the rollout of Account Intelligence Reissuance begins in EEMEA, Mastercard plans to extend this innovative service to Asia Pacific, North America, and Latin America later this year, further solidifying its global leadership in secure digital payments. With Egypt making strides in digitizing its financial ecosystem, initiatives like this are vital for fostering a safer, smarter, and more resilient banking environment.
Stay tuned for more from this compelling intersection of technology and finance!
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