MasterCard Launches Unique National Fraud Service in Egypt
MasterCard has launched a first-of-its-kind unified fraud service in Egypt that aims to protect MasterCard cardholders, financial institutions as well as merchants against criminal activity. The launch underscores the company’s vision to build a world beyond cash where every person, every payment and every device is protected.
The service has been custom-developed for the market based on a detailed analysis of historical card payment fraud. It aims to support efforts by the Central Bank of Egypt to drive the use of safe electronic payments. It will be used to monitor and evaluate all transactions processed on the MasterCard network and quickly detect high-risk transactions in real-time using state-of-the-art detection technology. Acting as a form of frontline defense, it will secure all MasterCard products including credit, debit and commercial cards and transactions made across all channels including ATM, Point of Sale (PoS), online, and mobile.
“For nearly 50 years, MasterCard has been at the forefront of safeguarding cardholder data by collaborating with all members of the payment value chain to create innovative security solutions that help monitor, detect and fight fraud at every step of the transaction cycle. ,” commented Magdy Hassan, Country Manager – Egypt, MasterCard. “In light of the recent fraud attacks from around the world that have peaked concerns over safety and security, MasterCard remains committed to investing time and money to continuously enhance fraud detection and prevention technology so that consumers can be confident that their transactions are safe.
Drawing on MasterCard’s wide experience in managing fraud and ensuring cardholder safety, the national fraud service utilizes advanced business rules developed by MasterCard Advisors. Globally, the company screens close to two billion transactions every month in real time to help detect and eliminate fraud. Aside from monitoring and detection, the national fraud service will also facilitate investigation, reporting and administration of alerts for all declined transactions.
Locally relevant solutions leveraging global scale and best practice
The National Fraud Service harnesses the power of MasterCard’s global network to detect and mitigate fraudulent activity. The company has leveraged its global scale and best practice in order to deliver a locally-relevant solution that meets market needs.
In the event fraud occurs MasterCard works closely with merchants, issuers and governments to ensure that consumers are shielded from financial liability or loss resulting from fraud.