Dubai 20 Mar 2024:
Network International, the leading enabler of digital commerce across the Middle East and Africa, has extended the benefits of Mastercard’s Brighterion fraud prevention solution, powered by artificial intelligence (AI), to over 60,000 merchants. The two partners are leveraging the cutting-edge technology to protect and grow the payments industry by providing transaction fraud screening and merchant monitoring services to merchant acquirers and businesses.
Mastercard’s AI capabilities give Network International an exceptional edge to protect itself, its merchants and their customers from growing fraud risks. Quick and easy to deploy, Brighterion monitors transactions for compliance, using machine learning algorithms that continuously update to keep up with fraudsters’ increasingly sophisticated techniques. Network International adopted the solution in 2023 to increase fraud detection and significantly reduce losses across its acquiring ecosystem.
The two companies entered a strategic partnership in 2019 with the aim of accelerating the growth of digital payments in the Middle East and Africa and have since partnered to launch initiatives across the region such as low- cost point of sale and ecommerce acceptance as well as solutions for commercial, fintech and banking partners who are looking to issue cards.
“With the rapid evolution of the digital economy, fraud and cyber threats have also increased. In line with its commitment to provide capabilities and services beyond payments, Mastercard is harnessing the power of AI to build trust in the digital ecosystem. Our state-of-the-art fraud solutions help Network International safeguard their business, protect transactions, and take a forward-looking approach to mitigate the risks of today and tomorrow,” said Mete Güney, Executive Vice President, Services, EEMEA, Mastercard.
“As the region’s leading payment solution provider, Network International works to create a safe and seamless purchase experience for merchants and consumers. We continue to explore the latest industry-leading technologies that enable us to secure digital transactions. With its wealth of expertise and best-in-class Fraud security measures, Mastercard is our trusted partner in reinforcing our defenses,” said Sandeep Chouhan, Group Chief Operating Officer, Network International.
According to data by Cybersecurity Ventures, the annual cost of cybercrime is expected to hit $10.5 trillion by 2025. The company estimated the value of ransomware damages in 2021 at $20 billion — 57 times more than in 2015. Meanwhile, Nilson Report has predicted that loss to card fraud worldwide will reach $408 billion between 2020 and 2030.
A PwC study has found that 72% of business executives consider AI a competitive advantage and think it will be fundamental in the future. Furthermore, Mastercard’s Global Security Index has revealed that 92% of consumers would trust a biometric authentication method, such as fingerprint or facial recognition, powered by AI for secure payments.
