Mastercard and digital commerce company Network International have jointly developed a technology using artificial intelligence (AI) to combat fraud in financial transactions in the Middle East and Africa.
Network International will launch Mastercard’s Brighterion artificial intelligence technology. This technology is designed to combat frequent cases of fraud, refusals, and refunds. The solution will also allow the monitoring of retail outlets and checking for fraud.
Artificial intelligence technology provides real-time prevention of fraudulent activity and uses forecasting methods to reduce risks through screening.
Payment giant Mastercard invested $300 million in the network in 2019 as a major investor. The company also undertook to develop payment solutions together with Network International.
Khalid Elgibali, president of Mastercard’s Middle East and North Africa division, said that Brighterion’s artificial intelligence capabilities help minimize the risk of fraudulent activity. He also noted that this solution provides a high level of security for financial transactions and contributes to a significant improvement in the consumer experience.
This decision helps reduce not only the risks of fraud but also dishonest trading operations. The launch of a revolutionary new artificial intelligence software technology in Africa and the Middle East will be in the first half of this year.
The addition of Brighterion to the Network International line of solutions makes it possible to expand the possibilities for providing financial institutions, merchants, and their customers with secure and uninterrupted data processing.
Mastercard is active in the Middle East and African markets. At the end of January, the company, together with Zoodpay, launched an installment card in these regions.
As we have reported earlier, Mastercard Partners With Cash Plus to Launch International E-Card in Morocco.