Cyber Scams Target Millions Of Online Shoppers, But You Can Stay Safe With The Help Of New Technology

Ajay Bhalla, President of Mastercard Cyber ​​and Intelligence

In the coming weeks – with the holiday season right around the corner – we'll see another big spike in online spending as we shop, spend and spend more time online.

This upward trend in e-commerce – online sales in the US grew 8.9% last year, up from 100.2% before the pandemic – forced us to ensure that payment security can keep pace with technological advances and that users enjoy better security while gives Customer experience.

With cybercrime currently costing the global economy $5 trillion (about 5% of global GDP), businesses large and small must keep their customers safe. But at the same time, they must continue to provide frictionless service. In short, in an era of rapid innovation, trust is a key success factor.

So how do we achieve this in MasterCard? First, we continue to offer end-to-end payments. MasterCard protects the customer journey from the moment they open their browser or app until the package arrives at their door after the purchase is complete.

In the past two years alone, our AI solutions have saved our network $30 billion by detecting fraudulent transactions.

Second, we continuously monitor risk across the global digital ecosystem, providing clients with the information they need to identify fraud vulnerabilities. We are one of the world's largest providers of cyber assessments covering 13 million organizations.

Third, we must constantly adapt and evolve to stay ahead. We use identity verification data and machine learning to help us accurately know our customers and thereby help them stay safe online.

We're constantly improving our behavioral technology solutions to evaluate data like how you hold your phone and how fast you type or scroll. It detects compromised devices in real time and acts quickly to prevent fraud

In short, at MasterCard, trust is our business. Our technology enables customers to innovate faster and more securely while maintaining their cyber health at every stage of the digital customer journey.

So where do we go next? Technological advances can change life as we know it, so we can use our innovative technology solutions to seamlessly transform the way we live, work and create the games we love.

With the advent of 5G, quantum, cloud computing and the Internet of Things, we are constantly evolving. Our industry-first advanced contactless (Ecos) technology is 3 million times harder to hit.

This ensures that contactless technology is future-proofed by introducing new technologies such as quantum computing, so that consumers can enjoy the same level of security and convenience for decades to come.

And of course, our vision is not only to make the ecosystem safe and smooth, but also to make it more sustainable. That's why we build a sustainable digital economy where everyone thrives.

We all have a role to play in protecting our planet: individuals, business leaders and governments. This means creating products and programs that help us contribute to a sustainable future, such as our Sustainable Card program, currently with more than 100 million cards in circulation.

So in this era of digitization and e-commerce growth, it is important that we not only continue this work, but go further, ensuring that innovation does not trump trust in today's evolving cyber landscape.

As our fingers hover over screens and devices this holiday season, we'll focus behind the scenes, balancing consumer choice with cybersecurity, and addressing real-world challenges, helping to keep businesses and people safe.

Learn more about how MasterCard protects customers from fraud

This post was created by MasterCard in association with Insider Studio

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