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Sunday, 25 October 2015

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NSB teams up with MasterCard

MasterCard and the National Savings Bank (NSB) have teamed up to deploy MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service.


General Manager and Chief Executive Officer, National Savings Bank, Dammika Perera and Country Manager, Sri Lanka and Maldives, Master Card, R. B. Santosh Kumar exchange copies of the agreement.

The service uses a combination of Artificial Intelligence (AI) and Smart-Agents technology to detect and prevent fraudulent payment transactions at the time of authorization allowing the bank to achieve higher detection rates than other conventional solutions.

Its state-of-the-art predictive modelling technology processes all transactions and provides a real-time predictive fraud score that indicates the measure of likelihood that the transaction is fraudulent or high risk. This ensures lower instances of false triggers and related declining of transactions for cardholders. Monitoring transactions in real-time, can also prevent further misuse in the instance of loss or theft of card.

General Manager and Chief Executive Officer, National Savings Bank, Dammika Perera said, "Financial service institutions constantly strive to improve our electronic transaction fraud management infrastructure. Having evaluated the solutions available in the market, we felt that MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service suited our needs."

"It will be a welcome addition to our arsenal of risk protection solutions. Its industry-leading fraud modeling and scoring technologies will help us minimize fraud-loss. The flexibility to create decision making rules that are in line with the spending patterns of the Sri Lankan consumer will bring down the number of false triggers," he said.

Country Manager, Sri Lanka and Maldives, MasterCard, R. B. Santosh Kumar said, "As Sri Lanka evolves into a middle income economy, we witness a steady growth in the use of electronic payment solutions for day-to-day transactions bringing with it related security concerns. Taking this into account, we work continuously with our partners in the island to offer greater levels of security."

"We are delighted to partner NSB and offer EMS with Real-time Fraud Scoring Service to the bank. Representing the latest innovation to the MasterCard suite of fraud prevention services, the solution brings the power of MasterCard fraud experts to NSB's front-line, offering higher levels of security to cardholders, it delivers fraud-loss savings directly to the bank's bottom line," he said.

 

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