Finance & Economics

Mastercard launches solution to assess bank fraud exposure

Identifying authorization system vulnerabilities for issuers before exploitation and fraud loss can occur

Mastercard launches solution to assess bank fraud exposure. Source:

Mastercard announced Threat Scan, a global service that helps banks proactively identify potential vulnerabilities in their authorization systems.

Cybercriminals are relentless in their efforts to exploit weaknesses in authorization systems. According to the Boston Consulting Group, cyberattacks hit financial services firms 300 times more often than companies in other industries. With cyberattacks on the rise, implementing fraud technology tools may not be enough to mitigate the risk. Threat Scan complements an issuer’s existing fraud tools by proactively imitating known criminal transaction behavior to assess their authorization system responses before exploitation and fraud loss can occur.

The Threat Scan application simulates known fraudulent attacks on issuers and pinpoints authorization security weaknesses. As cybercriminals identify new ways to gain access into a system, the scenarios can be added to the range of tests and instantly ran against systems globally. When the scan is completed, issuers will see the results immediately in the Threat Scan application report pane. The resulting insights enable issuers to assess their fraud exposure and take targeted actions that shore up the weakest links in their defenses before fraud occurs.

SEE ALSO: Schemes & types of banking card fraud to watch out for

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