[ACCI-CAVIE] Nothing is nearly impossible anymore with artificial intelligence. Mastercard and Network International launched on February 13, 2023 a new solution to fight fraud, chargebacks and chargebacks to reduce costs and risks for retailers. Everything will be based on artificial intelligence.

In fact, Brighterion, Network International’s sophisticated artificial intelligence detects the warning signs of fraud and alerts retailers and merchants in real time. This will prevent fraudulent transactions and costly chargebacks.

Network International, the company that provides technology-based payment solutions, therefore intends to provide retailers (financial institutions that process card transactions on behalf of card issuers) and businesses with transaction fraud control and merchant monitoring.

Khalid Elgibali, Divisional President, Middle East and North Africa of Mastercard does not doubt his partner for a moment.

“At Mastercard, we provide capabilities and services beyond card payments, using the latest cutting-edge technologies to stay ahead of fraudsters while securing the entire payments ecosystem…Brighterion’s artificial intelligence capabilities help reduce fraud and risk for merchants, leading to safer transactions and a better experience for consumers,” he said.

The Nilson report indicates that payment card fraud losses are expected to reach $49 billion by 2030. In addition, 68 percent of card fraud losses in 2020 are related to transactions where the cards were not physically present.

With this partnership between Mastercard and Network International, AI technologies could, according to McKinsey, potentially bring up to $1 trillion in additional value each year.

As a reminder, Mastercard made a strategic investment of $300 million as a lead investor in Network in 2019, followed by an additional commitment to the development of innovative payment solutions.

By Jean Materne Zambo and LB