Mastercard, Vesta to deliver digital fraud detection solutions for APAC

Mastercard and end-to-end fraud protection platform Vesta have joined hands to deliver fraud management solutions for merchants in Asia Pacific.    

According to Mastercard, this collaboration will enable merchants to reduce instances of online fraud, approve more transactions, and expand their businesses through the use of Mastercard’s Cyber & Intelligence (C&I) products and solutions, which will be integrated into Vesta’s transaction guarantee platform. 

In addition, Mastercard stated that this agreement will give Mastercard merchants with complete safety before, during, and after a transaction; improve the digital payment experience for consumers and build trust in ecommerce generally.   

The service will be available by the second quarter of this year.  

Karthik Ramanathan, Senior Vice President, Cyber & Intelligence, Asia Pacific, Mastercard said, “Mastercard is excited to have the opportunity to work together and deliver on the cybersecurity needs of its customers in Asia Pacific, making the region’s digital economy safer, more seamless and secure.”   

According to the company, a growing number of customers are making online purchases, creating a need for more robust methods of identity verification, data leakage prevention, and real-time fraud detection.   

As part of its public awareness campaign, the Consumer Education and Protection Department of the Reserve Bank of India also published a booklet titled “BE(A)WARE” about the methods used in financial fraud in March 2022.   

The RBI stated that this booklet, developed from numerous documented incidences of fraud and also from complaints received at the offices of RBI Ombudsmen, is useful for people who are unfamiliar with or hesitant to use digital and electronic forms of financial transactions. 

The RBI booklet also stresses the need of keeping personal information confidential at all times, and being cautious of suspicious phone calls, emails, or other forms of communication. It also outlines the due diligence measures to be followed while undertaking financial transactions.