According to a press release reaching “L’Opinion”, through this partnership, Network will launch Mastercard’s Brighterion artificial intelligence (AI) technology across the region, offering distributors (financial institutions that process card transactions at the name of the card issuers) and companies a control of the fraud on transactions and a surveillance of the merchants.
The same source explains that according to the Nilson report, losses related to payment card fraud are expected to reach $49 billion by 2030 worldwide. Additionally, 68% of card fraud losses in 2020 relate to transactions where cards were not physically present. McKinsey estimates that AI technologies might potentially add up to $1 trillion in additional value each year.
Using its sophisticated artificial intelligence, Brighterion detects early warning signs of fraud and alerts distributors and merchants in real time to prevent fraudulent transactions and costly chargebacks.
Khalid Elgibali, President of Mastercard’s Middle East and North Africa Division, said “Mastercard provides capabilities and services beyond card payments, using the latest cutting-edge technologies to stay ahead of the curve. on fraudsters while securing the entire payments ecosystem. Brighterion’s artificial intelligence capabilities help reduce fraud and risk for merchants, leading to safer transactions and a better experience for consumers.”
For his part, Nandan Mer, Group Managing Director of Network International, welcomed, “the strengthening of the partnership with Mastercard and plans to launch this revolutionary new AI technology across the region early this year. The addition of Brighterion to Network’s suite of solutions enables Network to enhance its ability to provide safe, secure and transparent processing to financial institutions, merchants and their customers.”
As a reminder, in 2019, Mastercard made a strategic investment of $300 million as the lead investor in Network, followed by an additional commitment to the development of innovative payment solutions.
