Indian customers to get new technology to tackle online frauds: Mastercard

Proper co-ordination and sharing of data of crimes and criminals will benefit the state and country and help nab repeat offenders.
Proper co-ordination and sharing of data of crimes and criminals will benefit the state and country and help nab repeat offenders.

A leading global payments and technology company will provide its Indian customers cutting edge innovations to help them tackle rapidly growing online frauds, a top company official has said. Mastercard’s Executive Vice President for Asia Pacific Rama Sridhar said artificial intelligence (AI), 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 on the sidelines of Money Asia 20/20 conference on financial eco-system in Singapore. Expressing concern over frauds in a rapidly growing electronic transactions, she said, “Mastercard is very interested in bringing all the securities to its Indian customers”.

Sridhar said that Indian financial dealings had picked up pace from cash to digital in recent years, especially with the introduction of smart phones 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 smart phone to the behavior of its owner,” she said. India is a hugely strategic market for the company. It has a global technology hub, center of excellence for innovation and global center 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.