MasterCard has been innovating payment security solutions for nearly 50 years. They use a multi-layered approach to prevent fraud, including EMV chip cards, tokenization, monitoring of 1.8 billion transactions per month, and consumer protections like limited liability. Their goal is to build a world with safe payments for every person and device. In the rare case that fraud occurs, MasterCard aims to eliminate consumers' financial exposure.
Presentación de Amieto Montinari, de ChasePaymentech para el I Foro de Medios de Pago y Fraude Online organizado por adigital. (Madrid, 20 de diciembre de 2012).
First-ever consumer driven fraud mitigation technology
Innovative technological solution to fraud prevention
UPK is a solution that allows an individual to lock and unlock their personal accounts, deployable across a broad range of industries:
Credit cards, debit cards, on-line bank accounts, prepaid, gift cards
On-line commerce accounts (i.e. PayPal)
Meal vouchers, fleet cards, gas cards
On-line, interactive gaming accounts (i.e. PlayStation)
On-line Gambling accounts (i.e. BetWin, Party Gaming)
Airline/hotel mileage/loyalty – online/card accounts
Individuals can lock and unlock their accounts in real-time or set an automatic schedule in the future through any Smart-phone, desktop computer or other mobile device.
Our solution works with all Smart-phone and tablet operating systems (Android, Apple, Windows and Blackberry) as well as with feature phones. The technology seamlessly interfaces with a host’s operating platform (both legacy and state-of-the-art systems) to provide secure, seamless functionality without having any private customer data pass outside their secure, self-contained environment.
Discover why accepting contactless payments can boost your small business, increase your customers, their average spend and isn't as expensive as you might think. This free guide has all you need to know about the fast emerging technology of contactless card payment.
Tactics, plans and the whole meaning of fraud is evolving from day to day. Controlling and improving the processes is one of the steps in the fight against fraud. But what is the key to be effective against fraud in the payment industry?
Presentación de Amieto Montinari, de ChasePaymentech para el I Foro de Medios de Pago y Fraude Online organizado por adigital. (Madrid, 20 de diciembre de 2012).
First-ever consumer driven fraud mitigation technology
Innovative technological solution to fraud prevention
UPK is a solution that allows an individual to lock and unlock their personal accounts, deployable across a broad range of industries:
Credit cards, debit cards, on-line bank accounts, prepaid, gift cards
On-line commerce accounts (i.e. PayPal)
Meal vouchers, fleet cards, gas cards
On-line, interactive gaming accounts (i.e. PlayStation)
On-line Gambling accounts (i.e. BetWin, Party Gaming)
Airline/hotel mileage/loyalty – online/card accounts
Individuals can lock and unlock their accounts in real-time or set an automatic schedule in the future through any Smart-phone, desktop computer or other mobile device.
Our solution works with all Smart-phone and tablet operating systems (Android, Apple, Windows and Blackberry) as well as with feature phones. The technology seamlessly interfaces with a host’s operating platform (both legacy and state-of-the-art systems) to provide secure, seamless functionality without having any private customer data pass outside their secure, self-contained environment.
Discover why accepting contactless payments can boost your small business, increase your customers, their average spend and isn't as expensive as you might think. This free guide has all you need to know about the fast emerging technology of contactless card payment.
Tactics, plans and the whole meaning of fraud is evolving from day to day. Controlling and improving the processes is one of the steps in the fight against fraud. But what is the key to be effective against fraud in the payment industry?
Visa master card contactless payment in china_v1Kelvin Tai
This presentation is to give the overview of VISA/MasterCard contactless payment technology in China and suggest the way how VISA/MasterCard to improve the contactless payment POS in China as strategy move against the barriers posed by Unionpay
Mobile Payments: Balancing User Experience & Effective Risk ManagementGeo Coelho
IdentityMind's presentation on balancing User Experience and Effective Risk Management from our joint presentation with Mozido at ETA's TRANSACT15 Conference in San Francisco, April 1, 2015.
This presentation focuses on specific challenges in mobile commerce, and the importance of leveraging consumer data and behavior throughout the transaction to compensate for the shortcomings of traditional fraud analysis in these new environments.
Mobile commerce is growing rapidly worldwide, and growing fastest in unbanked and underbanked demographics. Merchants and Financial Institutions wanting to take advantage of this explosive growth will have to face the technical challenges of mobile- as well as the added risk of servicing these demographics, where a typical lack of industry-reference data is often compounded by a lack of reliable user information.
Together, Mozido and IdentityMind have partnered to create an end-to-end solution to mitigate risk while bringing mobile financial services to global audiences. This solution combines Mozido’s MoTEAF™ Mobile Ecosystem with IdentityMind’s eDNA™ identity-based risk management to leverage consumer data and behavior, and reduce risk at every step of the transaction lifecycle.
A large and successful convenience store (c-store) chain shares how it combats fraud. “There are some very unintelligent criminals that target our stores… there are the smart ones too, and we put a lot of work into minimizing their impact on our business. But we do seem to have a higher than average proportion of really foolish fraud attempts. For example
Secure Payments: How Card Issuers and Merchants Can Stay Ahead of FraudstersCognizant
Our latest research reveals that merchants and card issuers should take a layered approach to mitigating risk, by working with consumers to improve fraud detection and prevention.
An overview of EMV technology. EMV is a fraud-reducing technology that can help protect against losses from the use of counterfeit and lost or stolen credit cards at the point-of-sale. Card data is stored in a smart chip; rather than the magnetic stripe. (Cards will be equipped with a magnetic stripe as well, but they will eventually be phased out.) This technology is often referred to as chip-cards, or smart-cards, and adds layers of security against counterfeit fraud and theft.
Fraud Prevention Strategies to Fight First-Party Fraud and Synthetic Identity...TransUnion
We believe Gartner’s report, “The Growing Problem of Synthetic Identity and First-Party Fraud Masquerades as Credit Losses,” discusses the rise of synthetic identity and first party fraud losses being concealed as credit losses. In Part 2 of this webinar series we will explore Gartner’s recommendations and provide some real-world advice on how you can prepare your business to fight this trend.
In Part 2 of this webinar series, we’ll conclude with:
- Exploring how to battle synthetic identities and first party fraud
- Reviewing Gartner’s recommendations for building a comprehensive fraud prevention strategy
- Looking at some specific capabilities for helping to stop this type of fraud
*Gartner: Take a New Approach to Establishing and Sustaining Trust in Digital Identities, Tricia Phillips, Danny Luong, 1 March 2018.
Secure PIN Management How to Issue and Change PINs Securely over the WebSafeNet
With 25 years of security industry leadership, SafeNet provides card issuers with a solution that
prevents disclosure of the PIN across the entire transaction, ensuring that the customer is the only person able to view their PIN online. SafeNet’s solution, ViewPIN+, allows PINs to be securely issued and managed over the Web, providing benefits
such as improved customer
service, cost savings, and peace
of mind to both the cardholder
and the card issuer.
SPA Presentation at Cartes America
Contactless Card Shipments Break all Records as
Consumers Adopt New Ways to Pay
• Contactless technology was present on 23 percent of all payment cards shipped worldwide in 2012
• Contactless growth in Western Europe and Asia exceeded 100 percent
• More than 220 million contactless cards were delivered by Smart Payment Association (SPA) members in 2012
• SPA believes the harmonization of ISO, SEPA and EMVCo standards will ensure the global interoperability of new NFC contactless services for consumers.
23rd April 2013
AdsCash Coin: Ethereum Smart Contract based Cryptocurrency for AdWorldNigel Mark Dias
AdsCash is a multifunctional, next-generation cryptocurrency and trading
platform developed on Ethereum blockchain, using cutting edge smart contract
technology. AdsCash is a decentralized peer-to- peer cryptocurrency with a
primary focus on transparency , compliance and security. AdsCash will become the
first stable digital currency exclusively designed and marketed towards the
advertising industry to allow owners of the currency to pay for product and
services with zero chargebacks and freedom from dealing traditional financial
institutions.
All You Wanted To Know About Top Online Payment Security Methods.pptxITIO Innovex
As online transactions become an integral part of our daily lives, the importance of robust online payment security methods cannot be overstated, especially when you want to start your own payment gateway business. Visit us at: https://itio.in/
Visa master card contactless payment in china_v1Kelvin Tai
This presentation is to give the overview of VISA/MasterCard contactless payment technology in China and suggest the way how VISA/MasterCard to improve the contactless payment POS in China as strategy move against the barriers posed by Unionpay
Mobile Payments: Balancing User Experience & Effective Risk ManagementGeo Coelho
IdentityMind's presentation on balancing User Experience and Effective Risk Management from our joint presentation with Mozido at ETA's TRANSACT15 Conference in San Francisco, April 1, 2015.
This presentation focuses on specific challenges in mobile commerce, and the importance of leveraging consumer data and behavior throughout the transaction to compensate for the shortcomings of traditional fraud analysis in these new environments.
Mobile commerce is growing rapidly worldwide, and growing fastest in unbanked and underbanked demographics. Merchants and Financial Institutions wanting to take advantage of this explosive growth will have to face the technical challenges of mobile- as well as the added risk of servicing these demographics, where a typical lack of industry-reference data is often compounded by a lack of reliable user information.
Together, Mozido and IdentityMind have partnered to create an end-to-end solution to mitigate risk while bringing mobile financial services to global audiences. This solution combines Mozido’s MoTEAF™ Mobile Ecosystem with IdentityMind’s eDNA™ identity-based risk management to leverage consumer data and behavior, and reduce risk at every step of the transaction lifecycle.
A large and successful convenience store (c-store) chain shares how it combats fraud. “There are some very unintelligent criminals that target our stores… there are the smart ones too, and we put a lot of work into minimizing their impact on our business. But we do seem to have a higher than average proportion of really foolish fraud attempts. For example
Secure Payments: How Card Issuers and Merchants Can Stay Ahead of FraudstersCognizant
Our latest research reveals that merchants and card issuers should take a layered approach to mitigating risk, by working with consumers to improve fraud detection and prevention.
An overview of EMV technology. EMV is a fraud-reducing technology that can help protect against losses from the use of counterfeit and lost or stolen credit cards at the point-of-sale. Card data is stored in a smart chip; rather than the magnetic stripe. (Cards will be equipped with a magnetic stripe as well, but they will eventually be phased out.) This technology is often referred to as chip-cards, or smart-cards, and adds layers of security against counterfeit fraud and theft.
Fraud Prevention Strategies to Fight First-Party Fraud and Synthetic Identity...TransUnion
We believe Gartner’s report, “The Growing Problem of Synthetic Identity and First-Party Fraud Masquerades as Credit Losses,” discusses the rise of synthetic identity and first party fraud losses being concealed as credit losses. In Part 2 of this webinar series we will explore Gartner’s recommendations and provide some real-world advice on how you can prepare your business to fight this trend.
In Part 2 of this webinar series, we’ll conclude with:
- Exploring how to battle synthetic identities and first party fraud
- Reviewing Gartner’s recommendations for building a comprehensive fraud prevention strategy
- Looking at some specific capabilities for helping to stop this type of fraud
*Gartner: Take a New Approach to Establishing and Sustaining Trust in Digital Identities, Tricia Phillips, Danny Luong, 1 March 2018.
Secure PIN Management How to Issue and Change PINs Securely over the WebSafeNet
With 25 years of security industry leadership, SafeNet provides card issuers with a solution that
prevents disclosure of the PIN across the entire transaction, ensuring that the customer is the only person able to view their PIN online. SafeNet’s solution, ViewPIN+, allows PINs to be securely issued and managed over the Web, providing benefits
such as improved customer
service, cost savings, and peace
of mind to both the cardholder
and the card issuer.
SPA Presentation at Cartes America
Contactless Card Shipments Break all Records as
Consumers Adopt New Ways to Pay
• Contactless technology was present on 23 percent of all payment cards shipped worldwide in 2012
• Contactless growth in Western Europe and Asia exceeded 100 percent
• More than 220 million contactless cards were delivered by Smart Payment Association (SPA) members in 2012
• SPA believes the harmonization of ISO, SEPA and EMVCo standards will ensure the global interoperability of new NFC contactless services for consumers.
23rd April 2013
AdsCash Coin: Ethereum Smart Contract based Cryptocurrency for AdWorldNigel Mark Dias
AdsCash is a multifunctional, next-generation cryptocurrency and trading
platform developed on Ethereum blockchain, using cutting edge smart contract
technology. AdsCash is a decentralized peer-to- peer cryptocurrency with a
primary focus on transparency , compliance and security. AdsCash will become the
first stable digital currency exclusively designed and marketed towards the
advertising industry to allow owners of the currency to pay for product and
services with zero chargebacks and freedom from dealing traditional financial
institutions.
All You Wanted To Know About Top Online Payment Security Methods.pptxITIO Innovex
As online transactions become an integral part of our daily lives, the importance of robust online payment security methods cannot be overstated, especially when you want to start your own payment gateway business. Visit us at: https://itio.in/
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
10 Essential Strategies to Safeguard Your Business from Credit Card Fraud 1.pptxdarrengracia
Credit card fraud is an escalating issue in the digital age. Criminals employ diverse tactics, such as phishing and data breaches, to access sensitive information, leading to unauthorized purchases and identity theft. Both individuals and businesses suffer financial losses and reputation damage. Vigilance, secure online practices, and robust cybersecurity measures are crucial. Collaborative efforts between individuals, businesses, and financial institutions are essential to combat this mounting threat and maintain secure financial transactions in our interconnected world.
Credit card fraud is an escalating issue in the digital age. Criminals employ diverse tactics,
such as phishing and data breaches, to access sensitive information, leading to unauthorized
purchases and identity theft. Both individuals and businesses suffer financial losses and
reputation damage.
Solutionreach Webinar: Will Your Practice Be Ready for EMV by October 2015?Solutionreach
Effective October 15, 2015, Visa and Mastercard have mandated that all merchants who accept credit cards as a form of payment must be able to accept and process chip-card (EMV) based transactions. How does this affect you? On this date, YOU, the merchant, must have EMV standards in place or potentially be liable for counterfeit fraud.
In advance of this significant deadline, Solutionreach, and our new partner, Singular Payments, are holding a webinar to educate and guide you on how these new standards impact your practice, and what you must do to ensure compliance.
IN THIS WEBINAR, YOU'LL DISCOVER:
• How to prepare your practice for EMV.
• What EMV is and what is driving the new regulations.
• What the Liability Shift means.
• How to implement the new EMV technology.
• The benefits of converting early.
• Best Practices for choosing a merchant service.
• Additional 2015 payment trends.
Security Measures in Digital Payment Apps: Keeping Your Money SafeSafeDeposit
With the increasing use of digital payment apps, it is crucial to prioritize security. These apps handle sensitive financial data, including credit card details, bank account information, and personal identification. Any breach in security can result in unauthorized access, identity theft, and financial losses.
Fundamentos necessários para que os usuários iniciem o processo de cotação usando a plataforma Salesforce. Ele levará mais de uma hora para ser concluído e permitirá que os usuários comecem a executar o CPQ aprendendo métodos de precificação, modelo de dados de objeto do CPQ, configuração técnica de descontos, documentos de saída.
The Salesforce Automation Landscape
The Salesforce Automation Landscape
Declarative Tolls points and clicks admins
Coding tools Salesforce Gods
For Developers it is very important understand
the tools available and know when they should be applied.
Declarative tool set – Workflowrules, same object updates
Email notifications, limited applications.
Process Builder – Related object updates
Create a records, no unrelated objects
Bulk issues everywhere
Visual flow unrelated object updates variables and loops.
Same learning curve as code, but without the benefits.
A high-level overview of the key features and benefits of Workflow and Approval process automation in Enterprise Edition. Your sales force operates more efficiently with standardized internal procedures and automated business processes. Many of the tasks you normally assign, the emails you regularly send, and other record updates are part of an organization's standard processes. Instead of doing this work manually, you can configure workflow and approvals to do it automatically.
Begin by designing workflow rules and approval processes, and associating them with actions such as email alerts, tasks, field updates, or outbound messages.
Migrating
your
existing applications and IT assets to the Amazon Web Services
(AWS)
Cloud
presents
an opportunity to transform the way your organization
does
business.
It can help
you
lower costs, become more agile, develop new
skills
more quickly
, and deliver reliable, globally available services to your
customers.
Our goal is to help you to
implement
your cloud strategy
successfully.
The Building Blocks of QuestDB, a Time Series Databasejavier ramirez
Talk Delivered at Valencia Codes Meetup 2024-06.
Traditionally, databases have treated timestamps just as another data type. However, when performing real-time analytics, timestamps should be first class citizens and we need rich time semantics to get the most out of our data. We also need to deal with ever growing datasets while keeping performant, which is as fun as it sounds.
It is no wonder time-series databases are now more popular than ever before. Join me in this session to learn about the internal architecture and building blocks of QuestDB, an open source time-series database designed for speed. We will also review a history of some of the changes we have gone over the past two years to deal with late and unordered data, non-blocking writes, read-replicas, or faster batch ingestion.
Adjusting primitives for graph : SHORT REPORT / NOTESSubhajit Sahu
Graph algorithms, like PageRank Compressed Sparse Row (CSR) is an adjacency-list based graph representation that is
Multiply with different modes (map)
1. Performance of sequential execution based vs OpenMP based vector multiply.
2. Comparing various launch configs for CUDA based vector multiply.
Sum with different storage types (reduce)
1. Performance of vector element sum using float vs bfloat16 as the storage type.
Sum with different modes (reduce)
1. Performance of sequential execution based vs OpenMP based vector element sum.
2. Performance of memcpy vs in-place based CUDA based vector element sum.
3. Comparing various launch configs for CUDA based vector element sum (memcpy).
4. Comparing various launch configs for CUDA based vector element sum (in-place).
Sum with in-place strategies of CUDA mode (reduce)
1. Comparing various launch configs for CUDA based vector element sum (in-place).
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdfGetInData
Recently we have observed the rise of open-source Large Language Models (LLMs) that are community-driven or developed by the AI market leaders, such as Meta (Llama3), Databricks (DBRX) and Snowflake (Arctic). On the other hand, there is a growth in interest in specialized, carefully fine-tuned yet relatively small models that can efficiently assist programmers in day-to-day tasks. Finally, Retrieval-Augmented Generation (RAG) architectures have gained a lot of traction as the preferred approach for LLMs context and prompt augmentation for building conversational SQL data copilots, code copilots and chatbots.
In this presentation, we will show how we built upon these three concepts a robust Data Copilot that can help to democratize access to company data assets and boost performance of everyone working with data platforms.
Why do we need yet another (open-source ) Copilot?
How can we build one?
Architecture and evaluation
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
White paper-safe-secure-payments-master card-approach-usa
1. Global point of view
For nearly 50 years MasterCard has been safeguarding the way you pay.
We have been innovating solutions driven by data and insights
to increase the safety and security of electronic payments.
SAFE AND SECURE PAYMENTS:
THE MASTERCARD APPROACH
2. 1
1. It is important to keep in mind that fraud is separate from the compromise (i.e., exposure) of payment account information. Due to a variety of security
measures implemented by the industry and MasterCard, only a fraction of compromises result in fraud, especially if the transaction requires
authentication (i.e., verification).
2. As an example, all card transactions in the US are protected by our zero liability promise, eliminating financial exposure to the consumer in the event of
fraud. MasterCard is working to extend this promise to other markets / regions.
Our safety and security guarantee:
we want to give consumers the peace of mind to pay with confidence, and our goal is to build a
world beyond cash where every person, every payment and every device is protected.
Consumers need a safe and simple experience when making a payment, wherever they are
in the world and whether they tap, click or swipe. MasterCard is investing time and money to
continuously enhance the technology to detect and prevent fraud so that consumers can be
confident that their money is safe.
In the rare event that fraud1
does occur, we ensure consumer peace of mind by limiting or
eliminating cardholder liability2
.
Executive summary
MasterCard is the leading technology company delivering electronic payments and the leader in
safety and security
• Technology and payment methods are changing every day – payments are becoming faster,
smarter and more sophisticated.
• Cards remain one of the safest ways to pay, with only 6 cents for every $100 spent on major
global cards lost to fraud. MasterCard’s safety and security measures have already reduced
this number to 5 cents.
• We are investing in innovative payment and security solutions so consumers have a safe,
secure and convenient payment experience.
Safety and security is our number one priority. MasterCard guarantees safety and security with
smart technology to ensure we are always one step ahead of fraudsters
1. We are making sure consumers are protected from fraud before it even occurs
2. There is no silver bullet to fight fraud, and MasterCard has implemented multiple layers of
protection to significantly reduce the risk of fraud:
• Unobtrusive network-wide tools help merchants and issuers identify and prevent fraud;
• New solutions and products in the consumer’s hand empower their transactions with the
latest safety and security measures;
• Consumers are protected by limited / zero consumer liability guarantees for fraud, with
efforts underway to expand this protection by working with local regulators, banks, and
merchants;
• MasterCard led the initiatives on EMV (with chip-embedded cards its most visible
hallmark) and SecureCode technology to dramatically reduce fraud;
• Our network screens 1.8bn transactions every month to help detect and eliminate
suspect and fraudulent activity;
• We are already delivering data and insights to drive increased security across any device
anywhere;
• We are testing voice, finger print and facial recognition identification innovations to keep
payments safe.
3. 2
Key messages by constituent
Our overall message is: “We want to build a world beyond cashwhere every person,
every payment, and every device is protected”.
CONSUMERS
are ensured peace of
mind against fraud
ISSUERS
are given
sophisticated
tools to improve
their approval
and fraud
detection
capabilities
MERCHANTS
are provided a
rich ecosystem
that rewards
their efforts to
prevent fraud
by providing
shifts in liability
Mastercard’s multi-layer protection
As payment methods and devices change and become commonplace in every aspect of our lives
– whether stopping by a retail store in person or shopping online from a computer or a mobile
device – MasterCard’s efforts have also evolved and adapted to ensure
the safety of electronic payments wherever and whenever they occur.
Overall, authentication is the critical element of preventing fraud in
both physical (Card Present) and non-physical (Card Not Present)
environments and helps determine whether:
1. The card / payment device is genuine (card / device verification), and
2. The person initiating the transaction is the authorized user
(cardholder verification).
While there is no silver bullet to completely stop fraud, applying a
multi-layer approach that is coordinated across the industry helps
reduce the risk of fraud significantly. EMV, SecureCode+, MasterCard
Digital Enablement Service (MDES) and tokenization, as well as Risk
Based Decisioning, are only a few examples of MasterCard’s broader
efforts to fight the persistent threat of fraud, be it with card present or
card not present payments.
SecureCode+
Risk Based Decisioning (RBD)
Expert Monitoring Solutions
(EMS)
Fraud Rules Manager
(FRM)
EMV
MULTI-LAYER PROTECTION
MDES and tokenization
4. 3
MasterCard leverages the power of its network to monitor transactions across the globe and
identify fraud. EMS (EXPERT MONITORING SOLUTIONS) and FRM (FRAUD RULES MANAGER)
are at the core of MasterCard’s anti-fraud efforts, underpinning our ability to detect suspicious
activity and transactions and provide issuers with the tools to supplement their own fraud
systems and processes.
MasterCard company DataCash also offers
GateKeeper:2.0, an advanced fraud and
risk management solution, for merchants to
keep chargebacks to a minimum whilst protecting genuine customers. The solution uses layers
of sophisticated technologies, such as expertly crafted rules, Shared databases, Device ID, etc,
to precisely identify a transaction’s level of risk. High risk transactions are automatically rejected
whilst low risk transactions are accepted. A small number of transactions that are not clearly
fraudulent or genuine can be manually reviewed via an intuitive user interface which enables
further analysis for a more informed decision. The solution is differentiated by a team of experts
that have vast experience of fraud trends across multiple industries and achieves industry leading
results.
MasterCard – in partnership with Visa, American Express, JCB, and China UnionPay –
developed and implemented the EMV specification, with the chip payment method its most
visible hallmark. MasterCard has introduced the M/Chip and M/Chip Advance payment
applications to secure our payments globally. The embedded chip on the plastic card along with
the MasterCard payment application is significantly more secure than magnetic stripe cards and
its introduction has reduced counterfeit fraud by 60-80%.
In Canada, where Chip and PIN is commonplace
(90%+ penetration), fraud declined 73% over 4 years, falling from $142 million
in 2009 to only $39 million by 2012 (2.0 bps of domestic debit card volume).
MasterCard continues to push for global adoption of EMV and has led efforts to encourage a
fraud liability shift by late 2015 in the US, the last major market to withhold from widespread
acceptance.
We process over 1,100 transactions every second – about 108 transactions in the blink of an eye.
We screen 1.8bn transactions every month in real time to help detect and eliminate fraud.
2.0
3.8
6.8
8.3
6.2
6.8
6.3
0
1
2
3
4
5
6
7
8
9
CAD $100
CAD $200
CAD $150
CAD $50
Fraud losses (in CAD $mm) Fraud as bps of spend
2012
$70
2011
$119
2009
$39
2010
$107
2006
$95
$142
2008
$105
2007
Fraud losses (CAD $mm) Fraud as bps of spend
EMV piloted in Canada
EMV launched – liability shift
and implementation
EMV
Timeline
73% drop in
fraud dollars
5. 4
MASTERCARD DIGITAL ENABLEMENT SERVICE (MDES) will introduce a new secure platform for
payments via mobile devices, including both Card Present and Card Not Present environments by
late 2014. MDES substitutes the real card number with a “token” account number. This token is
“translated” back to the real account number by MasterCard at the time of purchase, so the issuer
can match up the transaction with the correct account. If compromised, tokens cannot be used by
fraudsters to facilitate fraud. As an added benefit, the merchant only receives the token and never
sees real account data, removing a further point of weakness for fraudsters to target.
In 2013, MasterCard launched SECURECODE+, the latest upgrade to
its SecureCode technology, which allows merchants to add another layer
of security for online transactions by asking the consumer to enter a
password using SecureCode+. The SecureCode+ password is only known
by the account owner and the merchant can choose which transactions
are required to use it.Merchants do not have to use SecureCode+ if they trust the transaction and can
dial their authentication needs up or down depending on the desire for further verification.
SecureCode+ can also provide a liability shift for merchants: The more a merchant attempts to protect
the end consumer through authentication, the more they benefit from protection against fraud.
In 2013, SecureCode authenticated 1.4 billion transactions globally, reporting 28% growth in a single
year. By dollar volume, SecureCode ensured the safety of about 29% of all online spend around the world.
RISK BASED DECISIONING will add a third layer of security in the CNP space. Its basic premise is to
use a consumer email address, device information, and account number to develop a unique online
“persona.” Based on this digital footprint, we can seamlessly authenticate consumers with no effort
on their part. Over time, this unique persona will be given a reputation score which can be used by
merchants and issuers with their payment approval process.
As an example, returning consumers with a high reputation score can proceed through checkout
without ever having to authenticate, resulting in a faster sale with higher likelihood of satisfaction
and fewer abandoned purchases.
Our top priority:
safety and security for consumers
In the event fraud occurs, we ensure the consumer is partly or wholly shielded from financial
liability or loss resulting from fraud. Consumer liability is generally determined by local regulatory
conditions, and MasterCard is working with governments around the world to ensure our rules
are one step ahead when it comes to protecting consumers. From a merchant and issuer
perspective, the rules for determining fraud liability are complex and varied, but are aligned to
reward the party that exerts the most effort to secure the transaction.
OUR PROMISE TO PROTECT THE CONSUMER FROM FRAUD WILL REMAIN OUR UTMOST
PRIORITY.
MasterCard leverages our brand, reputation, and franchise to shield consumers from fraud.
Our efforts have already reduced cardholder liability around the world, and in the US we have
managed to establish a zero liability guarantee. We aim to expand this zero liability guarantee to our
cardholders globally and continue to work with local regulators, banks and merchants around the world to
protect the consumer.
6. 5
APPENDIX
FRAUD 101
Fraud is the financial loss associated with unauthorized use of an account, whether it is using
those credentials to buy merchandise, transfer funds, withdraw money, or receive some other
financial benefit.
Consumers place safety and security as their first and foremost practical and emotional need
for their payments. Credit and debit cards have gained prominence and ubiquity as financial
instruments due to their ability to satisfy these needs.
In 2012, it was estimated that US credit and debit cards experienced approximately
6 bps of fraud, and MasterCard leads the industry with an even lower figure (5 bps).
THE COST OF FRAUD
Fraud cost the global card industry more than USD $11 billion in 2012.
Despite making up less than a quarter (24%) of the world’s payments volume,
the United States constitutes almost half (47%) of all fraud losses, losing $5.3 billion to criminals.
The fast-growing online retail space is a particular challenge.
Despite being screened and declined almost 6x as often as Card Present (CP),
Card Not Present (CNP) fraud is 3x higher.
Source: MasterCard data warehouse, 2013
Source: Nilson Report 2013, MasterCard data warehouse; last 12 months figure is through 3Q 2013. All cards (global) figure includes MasterCard, Visa,
American Express, China Union Pay, Diners Club, and JCB.
Card Not
Present
comprises
45% of global fraud,
but only 8% of global
spend
The US
comprises 45%
of global fraud,
but only 24% of global
spend
Card Not
Present
fraud is still
3x
greater than Card
Present, despite
being declined
6x more often Card
Present (CP)
Card Not
Present (CNP)
Card
Present (CP)
Card Not
Present (CNP)
6x
3x
Decline rate
by transactions
Fraud rate
by dollars
5.05.3
6.1
MasterCard,
global (2012)
All brands,
global (2012)
MasterCard,
global (last
12 months)
In 2012, MasterCard
experienced 14% less gross
fraud than the global average
This figure is even lower in
the last 12 months
63%
37%
Issuer fraud cost
Merchant fraud cost
$7.1
billion
$4.2
billion
Global fraud
cost 2012
$11.3 billion
Card Not
Present
comprises
45% of global fraud,
but only 8% of global
spend
The US
comprises 45%
of global fraud,
but only 24% of global
spend
Card Not
Present
fraud is still
3x
greater than Card
Present, despite
being declined
6x more often Card
Present (CP)
Card Not
Present (CNP)
Card
Present (CP)
Card Not
Present (CNP)
6x
3x
Decline rate
by transactions
Fraud rate
by dollars
5.0
5.3
6.1
MasterCard,
global (2012)
All brands,
global (2012)
MasterCard,
global (last
12 months)
In 2012, MasterCard
experienced 14% less gross
fraud than the global average
This figure is even lower in
the last 12 months
63%
37%
Issuer fraud cost
Merchant fraud cost
$7.1
billion
$4.2
billion
Global fraud
cost 2012
$11.3 billion
7. 6
ILLUSTRATIVE OVERVIEW OF CARD FRAUD PROCESS
For card fraud to occur, the perpetrator must successfully navigate a few major
barriers:
1. Payment account information is lost, stolen, or otherwise compromised and
2. The issuer authorizes the transaction as a legitimate purchase.
3. In some cases, the perpetrator may also be required to authenticate (i.e., prove they are
the legitimate cardholder).
In other words, the perpetrator must find a way to obtain account data and then successfully
imitate the legitimate user’s typical purchase behavior when attempting to consummate a
fraudulent transaction.
The authorization and authentication steps are unique to cards and, as a result, only a small
percentage of compromises of account data lead to fraud.
Compromise /
expose account
data to perpetrate
fraud
Authenticate as the real
cardholder by imitating
key security elements
Fraud results if perpetrators
successfully navigate these
safeguards, but in certain cases
the cardholder is protected by
our zero liability promise
Data breach
1
3
4
Receive
authorization
from issuer to
approve purchase
2
Phishing
Trick consumer into
revealing personal info
Skimming
Copy static card data
during a transaction
Account
takeover
Stolen data used
to takeover or
create accounts
Example compromise techniques
Data breach
Hack systems that
handle account data
Fraud /
financial
loss
MasterCard’s network-wide
monitoring tools aid issuer
decisioning (EMS and FRM)
Issuers rely on their own fraud
detection system when deciding to
approve / decline transactions
Authentication reduces fraud
– e.g., entering a PIN –
Example fraud types
Counterfeit
Clone cards
and use at
POS
Lost and
stolen
Theft of
legitimate
card
Card not
present
Fraud
perpetrated
without card
but is often not
required by issuers or
merchants to ensure
faster speed to pay
8. 7
Informations is used to make
online purchases or cline
cards. With SecureCode+,
however, accounts are
protected by the consumer's
secure password.
Fraud protection in practice: two case studies
To illustrate the points discussed in this paper, we present two sample case studies: (1) a
phishing attack to expose data which is later used to make purchases online and (2) the theft of
data from a payment system to sell account information and produce counterfeit cards.
FRAUD CASE STUDY #1:
PHISHING COMPROMISE, CARD NOT PRESENT PROTECTIONS
While not technically sophisticated, phishing compromises are difficult to protect against given
the consumer is often the party disclosing account information. Nonetheless, innovations such as
SecureCode+ will make it much harder for fraudsters to perpetrate their activities online.
Consumers receives email
purporting to be from
a trusted source (e.g.,
friend, reputable company
etc.)asking consumer to
click on the link.
Clicking the link installs
malware or uses social
engeneering to trick
consumer into revealing
card account data.
1 2 3