Mastercard to Bring New Technology to Tackle Online Frauds in India

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    The leading global payments and technology company Mastercard will provide its Indian customers cutting-edge innovations to help them tackle rapidly growing online frauds, reported PTI.

    Mastercard to Bring New Technology to Tackle Online Frauds in India

    Mastercard's Executive Vice President for Asia Pacific Rama Sridhar said artificial intelligence, biometric, authentication were among other risk-assessing and managing solutions being used to tackle frauds across the globe including in India.

    "A lot of security fraud solutions on card-based products are already available to the Indian market," Sridhar said here last night on the sidelines of Money Asia 20/20 conference on financial eco-system.

    Expressing concern over frauds in a rapidly growing electronic transaction, she said "Mastercard is very interested in bringing all the securities to its Indian customers".

    Sridhar said that Indian financial dealings had picked up the pace from cash to digital in recent years, especially with the introduction of smartphones and mobile devices.

    She said the company was committed to the strategic market by investing in people, resources and creating solutions for the Indian customers.

    "We are trying to upgrade our own solutions such as the use of the biometric, iris-eye recognition, or adapting smartphone to the behaviour of its owner," she said.

    India is a hugely strategic market for the company. It has a global technology hub, centre of excellence for innovation and global centre of analytics in the country, Sridhar said.

    "Increasingly, the Made in India is a very important theme for us to embrace," she said, pointing out that some solutions are developed in India.

    Flipkart, one of India's biggest online retailers, is the first merchant in India to support the company's tokenization.
    Tokenization is a new solution that uses an alternative card number while protecting the original. It renders any fraudster's attempt useless as the original card number is protected, she said.

    "Mastercard understands that safety and security are top priorities for our customers, cardholders, merchants and other partners," she added.

    Source: PTI

    Read more about: mastercard
    Story first published: Wednesday, March 14, 2018, 14:25 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more