Mastercard has broadened a programme designed to help banks catch payment scams in the act. From early 2023, Mastercard's initiative has successfully assisted UK banks in identifying and halting potential fraudulent payments before they depart from the victim's account.
Some of the banks involved in the initiative included Halifax, Lloyds, Barclays, NatWest, TSB, Monzo, and more. Leveraging artificial intelligence, the scheme operates by examining numerous data points related to a transaction and delivers a risk score instantly to the bank sending the funds.
These scams, known as authorised push payment (APP) fraud, occur when individuals believe they are paying a legitimate entity but have been deceived by counterfeit websites, emails, texts, or phone calls.
Mastercard has now expanded the fraud detection service to banks on the receiving end, enabling them to spot when a payment might be heading to an account managed by scammers.
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