NSB partners with MasterCard to offer greater transaction security on cards
View(s):MasterCard and National Savings Bank (NSB) this week announced a partnership to deploy MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service.
“Allowing the bank to achieve higher detection rates than other conventional solutions, the service uses a unique combination of Artificial Intelligence (AI) and Smart-Agents technology to detect and prevent fraudulent payment transactions at the time of authorisation. Its state-of-the-art predictive modelling technology processes all transactions and provides a real-time predictive fraud score that indicates the measure of likelihood that the transaction is fraudulent or high risk. This ensures lower instances of false triggers and related declining of transactions for cardholders. Monitoring transactions in real-time, it can also prevent further misuse in the instance of loss or theft of card,” Mastercard said in a media release.
“Financial service institutions like ourselves constantly strive to ramp up our electronic transaction fraud management infrastructure. Having evaluated the solutions available in the market, we felt that MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service suited our requirements,” said Dammika Perera, General Manager/Chief Executive Officer, National Savings Bank.
“Having witnessed its capabilities first hand, we believe that it will be a welcome addition to our risk protection solutions. Its industry-leading fraud modelling and scoring technologies will help us minimise fraud-loss. The flexibility to create decision making rules that are in line with the spending patterns of the Sri Lankan consumer will bring down the number of false triggers.”
R. B. Santosh Kumar, Country Manager – Sri Lanka and Maldives, MasterCard, said they were delighted to partner with NSB and offer the MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service to the bank.