Photo/Mastercard
Tuesday, February 14, 2023 – Mastercard today announced that it is partnering with Network International, the leading enabler of digital commerce in the Middle East and Africa, to combat fraud, rejections and chargebacks, thereby reducing costs and risk for acquirers to reduce.
Through the partnership, Network will roll out Mastercard’s Brighterion Artificial Intelligence (AI) technology across the region, providing acquirers and businesses with transaction fraud screening and merchant monitoring.
Payment card fraud losses are projected to reach $49 billion by 2030, according to the Nilson report. Additionally, 68% of card fraud losses in 2020 were related to transactions where the cards were not physically present. McKinsey estimates that AI technologies could potentially deliver up to $1 trillion in additional value each year. With its sophisticated artificial intelligence, Brighterion learns the red flags of fraud and alerts acquirers and merchants in real time to prevent the completion of fraudulent transactions and costly chargebacks.
In 2019, Mastercard made a $300 million strategic investment as the cornerstone of Network, followed by an additional commitment to developing innovative payment solutions. As part of this partnership, Mastercard Network is powered by Brighterion’s AI technology, which combats the risk of fraud and reduces operational burdens for acquirers and merchants, while improving the customer experience.
Khalid Elgibali, Division President, Middle East and North Africa, Mastercard, said: “At Mastercard, we offer capabilities and services that go beyond card payments, leveraging the latest cutting-edge technology to stay one step ahead of fraudsters while securing the entire payments ecosystem . Brighterion’s artificial intelligence capabilities help reduce fraud and merchant risk, resulting in safer transactions and a better customer experience.”
Nandan Mer, Group Chief Executive Officer, Network International, said: “We are delighted to strengthen our partnership with Mastercard and look forward to rolling out this revolutionary new AI technology across the region early this year. By adding Brighterion to Network’s solution offering, we can enhance our ability to provide secure and seamless processing to financial institutions, merchants and their customers.”
