The rapid advance of new technologies has opened a universe of opportunities
But with new opportunity comes new risk. Money launderers, identity thieves and fraudsters are exploiting this developing landscape to hide in plain sight.
For this inaugural issue of The Update, Mastercard’s subject matter experts offer their latest thinking on how businesses can make use of new technologies to protect their customers — and themselves — without having to choose between convenience and security.
The verdict: cutting-edge tools and access to accurate, comprehensive and up-to-date information can make or break a business’s security efforts.
Key findings include:
- AI-powered systems are critical for helping banks and merchants block malicious users while ensuring a frictionless experience for legitimate buyers.
- When it’s hard to know whom to trust, the right data can empower merchants to determine whether people are who they say they are.
- Data science and state-of-the-art technology can mitigate digital risks for businesses, customers and banks, including those posed by crypto-related fraud, account-to-account payment scams and money laundering.
- Machine learning systems can prevent disruptions in the supply chain and telecommunications platforms that connect banks with customers.
