Archive for December 5, 2016

MasterCard Unveils New Weapon in its War Against Credit Card Fraud

Written by Economic Development Jobs on December 5, 2016. Posted in Merchant payment gateway, Merchant payment processing services, Secure payment solutions

Moto card processing

Credit card fraud is a big problem around the world. Credit card loses amounted to a whopping $16.31 billion in 2014. Chargebacks, which occur when a customer, disputes a charge on their credit card statements, cause merchants and others serious problems every year. Businesses lose the cost of the sale that has been questioned but they may also have to pay a fee and if they get too many chargebacks, they may risk doing serious damage to their relationship with the credit card processor that they use. This is why so many look to ways to prevent chargebacks in the first place.

Now, MasterCard has joined the fight by using artificial intelligence (AI) to combat fraud. According to a