To fortify digital commerce security across the Middle East and Africa, Network International, the region's enabler of digital transactions, has expanded the reach of Mastercard's Brighterion fraud prevention solution to encompass over 60,000 merchants. Leveraging the prowess of artificial intelligence (AI), this collaboration aims to bolster transaction security and foster growth within the payments industry by delivering robust fraud prevention and merchant monitoring services.

Mastercard's Brighterion AI Solution

Mastercard's Brighterion solution equips Network International with advanced AI capabilities, affording them a formidable advantage in shielding themselves, their merchants, and their customers from the escalating risks posed by fraudulent activities.

The solution, characterized by its swift and seamless deployment, employs machine learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term algorithms that continuously evolve to thwart the increasingly sophisticated tactics employed by fraudsters. Network International embraced this solution in 2023, seeking to enhance fraud detection mechanisms and substantially curtail losses within its acquiring ecosystem.

The strategic partnership between the two entities was forged in 2019, with a shared vision of propelling the growth of digital payments throughout the Middle East and Africa. Since then, they have collaborated on various initiatives across the region, including initiatives aimed at facilitating low-cost point of sale and ecommerce acceptance. Additionally, they have pioneered solutions catering to commercial, fintech, and banking partners seeking to issue cards.

“Our state-of-the-art fraud solutions help Network International safeguard their business, protect transactions, and take a forward-looking approach to mitigate the risks of today and tomorrow,” said Mete Güney, the Executive Vice President of Services for the EEMEA at Mastercard.

Embracing AI for Secure Payments

The urgency of such measures is underscored by alarming statistics regarding the burgeoning threat of cybercrime. According to data from Cybersecurity Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term Ventures, the annual cost of cybercrime is projected to soar to $10.5 trillion by 2025, with ransomware damages alone valued at $20 billion in 2021, a staggering 57-fold increase from 2015. Meanwhile, the Nilson Report forecasts global card fraud losses to skyrocket to $408 billion between 2020 and 2030.

#Mastercard and @networkonsocial team up to fortify payments with AI-powered fraud prevention. Over 60,000 merchants in MEA now benefit from cutting-edge tech, reducing fraud and boosting security.https://t.co/Gq6F6Lhf4V

— Mastercard MENA (@MastercardMENA) March 20, 2024

Amidst these daunting challenges, industry leaders are increasingly turning to AI as a pivotal tool in safeguarding against fraud and bolstering security. A study conducted by PwC revealed that 72% of business executives perceive AI as a competitive advantage, recognizing its fundamental role in shaping the future landscape.

Furthermore, insights from Mastercard's Global Security Index underscore consumer confidence in AI-powered biometric authentication methods, with 92% of consumers expressing trust in such technologies for secure payments.

“We continue to explore the latest industry-leading technologies that enable us to secure digital transactions. With its wealth of expertise and best-in-class Fraud security measures, Mastercard is our trusted partner in reinforcing our defenses,” said Sandeep Chouhan, the Group Chief Operating Officer at Network International.