Mastercard has said it now takes as little as 9 minutes for stolen card and account data to be used via the dark web which is why the card provider has announced the launch of Early Detection System, a new service that will alert banks to cards and accounts that are at risk to data breaches.
A month ago, the personal data of 143 million identities were compromised in the Equifax hack. Mastercard developed Early Detection System to help banks take action faster, and pre-empt more serious attacks and even quantifying the level of risk. The bank then uses the level of risk to more accurately prioritise what action to take – from monitoring transactions more closely to proactively issuing a replacement card. This service is 17 times better at finding fraud that it allows Issuers to make confident decisions on which cards to replace from the breach.
“Knowledge is power, and this service helps banks act significantly faster and with greater precision to stop potential fraud before it occurs,” explained Ajay Bhalla, president of enterprise risk and security at Mastercard, in an interview with PCM.
“Our card issuers can now proactively target the fraudulent activity resulting from previously breached or hacked data, helping them reduce costs and maintain the best possible cardholder experience – the idea is to be more surgical about managing fraud.”
This provides issuers with alerts on a much broader set of at-risk accounts at least 6 to 18 months ahead of traditional alerts. Early Detection System is available to issuers globally and captures all types of fraud across all transaction channels.