Delegate to add Mastercard insights to the authentication platform
The combination provides intelligent pre-screening, the company said in a Tuesday (September 9) press release on Tuesday (September 9) that it would identify threats earlier to strengthen fraud prevention and automate remote boarding for customers to simplify their onboarding experience.
During the application process, MasterCard Identity uses machine learning-driven data analytics to surface conflicting and suspicious patterns based on user information, which can help organizations detect and block threats.
By adapting to each user’s risk profile, “delegated authentication” applies other checks to low-risk individuals only when needed, which helps reduce drop rates, the release said.
The solution can also save the organization's resources by minimizing the need for manual review.
“As identity fraud grows, as high costs and customer expectations continue to grow, collaboration is crucial,” said Minh Nguyen, vice president of product at Soltitust in a press release. “Organizations must adapt faster than ever before, and this partnership helps ensure they can stay ahead of the curve with Mastercard’s insights through our platform.”
Dennis Gamiello, head of global identity at MasterCard, said in a press release that the combination of MasterCard Identity’s insights and a commissioned identity platform could help businesses “grow beyond reactive fraud detection.”
“This partnership enables a positive personalized approach that enhances security while keeping the user experience seamless,” Gamiello said.
In an earlier product introduction, Mastercard said in April 2024, it is bringing an AI-powered partner approach to detecting and preventing identity and payment scams before it can harm consumers.
“Scammers are leveraging new technologies to make consumers aware that their fraud and imitation scams are becoming increasingly difficult,” Chris Reid, then-Mastercard executive vice president, said in an April 2024 press release.
In January, the delegation added AI-driven verification to its Identity-Service platform, saying new products are being introduced to deal with increasingly advanced forms of identity fraud.
“As fraud becomes more complex, it is more important than ever that businesses have established a verified identity from day one,” Bhagwat Swaroop, who then commissioned president of digital security, said in a January press release.
