MasterCard intros PIN POS and ATM fraud security solution

MasterCard intros PIN POS and ATM fraud security solution
Tags: Bank / Credit Union, Debit / Credit, EFT Networks, Multifunction ATMs, Public Companies, Retail / Off-Premises, Security, Software, Transaction Processing, Trends / Statistics
October 8, 2006

PURCHASE, N.Y. - MasterCard Worldwide has launched its MasterCard Online Fraud Monitor, an advanced global fraud detection and mitigation solution designed to enhance security for PIN debit transactions. The device will be available during the first quarter of 2007, according to a news release.

Developed in collaboration with BasePoint Analytics, the fraud monitor uses a risk-scoring model to detect potential fraudulent PIN debit transactions in real-time, during the authorization process.

The model uses advanced analytics that consider factors such as account spending, ATM and POS activity, and historical transactions to calculate the likelihood of fraud on an ATM card or debit account.