MasterCard has launched Early Detection System to provide issuers with an advanced alert for cards and accounts at a heightened risk of fraudulent use based on their exposure in security incidents or data breaches.
Using MasterCard network insights, predictive capabilities and a combination of internal and external data sources, Early Detection System determines whether a card or account is at risk and sends an alert to the issuer with a quantification of the level of risk.
The issuer then uses the level of risk to prioritize what action to take -- from monitoring transactions more closely to proactively issuing a replacement card.
The system identifies everything from active criminal trading of account data to cards being tested prior to being used for fraud to account data that appears to be at-risk but without sufficient evidence to declare an account data compromise. This provides issuers with alerts on a much broader set of at-risk accounts, and potentially 6 to 18 months ahead of traditional alerts, the release said.
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