Sunday, May 1, 2022

Mastercard Launches Next-Gen Identity Solution to Enhance The Safety of Online Shopping

Photo by Pixabay

 Mastercard recently announced the launch of an enhanced identity solution, which is designed to boost the online shopping experience and combat digital fraud. The new collaboration is with tech-giant Microsoft Corp. Creating and providing a seamless and safe shopping experience is extremely critical for retailers. While consumers love the convenience of online shopping, fraudsters also seek to devise new ways to use these same buying channels for their unscrupulous activities.

Now, Mastercard directly addresses these concerns. It has enhanced its Digital Transaction Insights solution by incorporating next-generation real-time authentication and decision intelligence features. The latest solution couples network insights of Mastercard with the data of the merchant to confirm the identity of the consumer, providing additional intelligence to financial institutions for optimizing their authorization decisions and facilitating more genuine, safe transactions. Digital Transaction Insights comes to play in a wide range of online payment instances. Click-to-pay functionality, wearables, in-app purchases, and digital wallets are a few examples.

Microsoft is the first partner to share its insights and integrate with the new Digital Transaction Insights solution across several business lines. It’s noteworthy that Digital Transaction Insights is powered by EMV 3-D Secure and Mastercard Identity Check, which is a global authentication technology based on enhanced industry standards. These elements meet GDPR requirements and other critical regulations. In 2021 alone, Mastercard Identity Check delivered a significant 14 percent rise in transaction approval rates spanning billions of shopping transactions.

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