Mastercard established cooperation with the end-to-end transaction guarantee platform for online purchases Vesta.
The purpose of the interaction between the two companies is to create a platform that will protect sellers from interacting with scammers. Also, this cooperation will allow to apply effective solutions to improve the experience of buyers in the field of digital commerce. The partners hope that they will be able to increase the level of consumer confidence in e-commerce.
The anti-fraud mechanism will be created based on the relevant experience of each of the companies. Previously, Vesta developed a mechanism for instant detection of suspicious activity and responding to it. The company will also combine its machine learning tools with the strategic capabilities of Mastercard Cyber and Intelligence solutions to automatically stop fraudulent threats at the initial stage. These solutions will provide full protection to the client before making transactions, during the procedure, and after.
The companies intend to make the fraud protection platform global and publicly available. This means that customers around the world will be able to use the new services without preconditions.
The announced mechanism for detecting suspicious activity will not only automatically stop threats. The new tool will also analyze transactions based on several parameters. The most important feature will be the study of the probability of repayment of payments.
Vesta officials stated that in the process of cooperation with Mastercard, they will be able to provide online merchants with a zero-risk decision-making mechanism. Employees of companies also note that sometimes sellers lose customers due to a lack of awareness, lack of detailed analysis, and excessive anti-fraud measures. In some cases, merchants refuse transactions due to unreasonable fear.
As we have reported earlier, Mastercard Launches Web3-Focused Incubator.