MASTERCARD : CONSUMER FRAUD RISK SOLUTION
Mastercard ’ s John Gerber discusses how the company ’ s Consumer Fraud Risk ( CFR ) solution , launched in 2023 , has helped the organisation fight against impersonation scams .
“ Beyond automated attacks , fraudsters also use impersonation scams to trick people and businesses ,” says Gerber . “ To combat this , Mastercard launched its awardwinning Consumer Fraud Risk solution ( CFR ) in 2023 .
“ CFR addresses APP fraud on real-time payments by monitoring thousands of data points within milliseconds , providing banks with the insight they need to identify and stop payments heading to fraudsters . Currently operational at 10 UK banks , initial evidence shows it has increased fraud detection by 20 % and could save up to £ 100m in APP fraud in the UK alone , should remaining banks adopt it .
“ We recognise that fraudsters are always looking for new ways to scam individuals and businesses , which is why at Mastercard we are continuously investing in innovative new solutions to stay two steps ahead , protecting our digital world and the opportunities and possibilities it holds for all .”