Mastercard has developed a service called Threat Scan to help card issuers get ahead of fraudsters by running scans on their card authorization systems based on the latest evolving global card scams.
Bank card issuers are actually seeing more overall fraud attempts than other industries, and existing fraud tools may not be enough protection, Mastercard said in a Tuesday press release.
Threat Scan, which Mastercard has piloted with various issuers in recent months, constantly runs simulations of known criminal transaction stunts on banks’ payment card authorization processes, flagging weaknesses that need to be addressed, the release said.
Using Mastercard's lens to see card fraud occurring around the world, Threat Scan evaluates new cybercrime scenarios as they evolve. Issuers may use the solution to run scans against their own authorization systems, and vulnerabilities show up immediately on the application’s report pane, the release said.
“Threat Scan enables our customers to stay one step ahead, act faster and minimize the risks that expose them to attacks. As cyberattacks grow in scale and sophistication, it is critical that we advance trust in our payments system,” said Johan Gerber, Mastercard’s executive vice president of security and cyber innovation, in the release.
The new service doesn’t specifically block authorization requests in real time, but it’s designed to complement an issuer’s existing fraud tools by imitating new forms of cybercriminal activity before they occur.
“Safeguarding and securing the payment networks is table stakes in today’s highly active cybercriminal environment. Threat Scan is the latest tool and evidence that Mastercard is continuing to offer new solutions that work toward creating a safer ecosystem,” said Madeline Aufseeser, an independent payments security analyst, in an email.
