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
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.