Mastercard in Partnership with Network International has launched Brighterion AI, a program designed to reduce the costs and risks associated with fraud, declines, and chargebacks.
The partnership will see the two firms riding on Brighterion technology across the region, providing transaction fraud screening and merchant monitoring to acquirers and businesses.
Card fraud losses are projected to hit $49 billion by 2030, furthermore, 68% of card fraud losses in 2020 were related to transactions where cards were not physically present.
McKinsey estimates that AI technologies could potentially deliver up to $1 trillion of additional value each year. With its sophisticated Artificial Intelligence, Brighterion learns the warning signs 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 strategic $300 million investment as a cornerstone investor in Network, followed by an additional commitment towards developing innovative payment solutions.
As part of the partnership, Mastercard supports the Network via Brighterion’s AI technology, which combats the risk of fraud, reducing the operational overhead on acquirers and merchants while improving the experience for customers.
According to Khalid Elgibali, Division President, Middle East, and North Africa, Mastercard indicated that they are using the latest cutting-edge technology to stay ahead of fraudsters as we secure the full payments ecosystem.
Brighterion Artificial Intelligence capabilities are helping to reduce fraud and merchant risk, leading to safer transactions and a better consumer experience
Nandan Mer, Group Chief Executive Officer, Network International noted that they expect to launch this revolutionary new AI technology across the region early this year.