From left: National Savings Bank General Manager/Chief Executive Officer S.D.N. Perera handing over the MoU to MasterCard Country Manager Sri Lanka and Maldives R.B. Santosh Kumar
MasterCard and National Savings Bank (NSB) announced their partnership to deploy MasterCard Expert Monitoring Solutions (EMS) with Real-time Fraud Scoring Service.
Allowing the bank to achieve higher detection rates than other conventional solutions, the service uses a unique combination of Artificial Intelligence (AI) and Smart-Agents technology to detect and prevent fraudulent payment transactions at the time of authorization. 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, it can also prevent further misuse in the instance of loss or theft of card.
“Financial service institutions like ourselves constantly strive to ramp up 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 to our requirements,” said National Savings Bank General Manager/Chief Executive Officer Dammika Perera.
“Having witnessed its capabilities first hand, we believe that it will be a welcome addition to our arsenal of risk protection solutions. Its industry-leading fraud modelling 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.”
“As Sri Lanka evolves into a middle-income economy, we are witnessing a steady growth in the usage 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,” said MasterCard Country Manager Sri Lanka and Maldives R.B. Santosh Kumar.
“In this regard, we are delighted to partner with NSB and offer the MasterCard Expert Monitoring Solutions (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.”