Mastercard launches a new AI solution to protect consumers from app scams
App scams are a growing threat to online security and consumer trust. According to a recent report by Juniper Research, app scams will cost consumers US$100 billion by 2025. These scams involve malicious apps that trick users into paying for fake or unwanted services, such as subscriptions, premium features, or donations. To combat this problem, Mastercard has launched a new AI solution that can detect and block app scams worldwide. The solution, called App Protect, is part of Mastercard’s Cyber Secure suite of tools that help businesses and consumers protect themselves from cyberattacks.
App Protect uses advanced AI and machine learning to analyze app behavior and transactions in real-time. It can identify suspicious patterns and anomalies that indicate fraudulent activity, such as excessive charges, hidden fees, or unauthorized access to personal data. App Protect can also alert users and merchants about potential app scams and prevent them from completing transactions. This way, App Protect can help users avoid paying for services they did not intend to purchase and save them from the hassle of disputing charges later.
App Protect is available for any app that uses Mastercard’s payment technology, such as Masterpass, Mastercard Digital Enablement Service (MDES), or Mastercard Payment Gateway Services (MPGS). App Protect can also integrate with other security solutions, such as biometric authentication, tokenization, and encryption, to provide a comprehensive layer of protection for online transactions.
App Protect is not only beneficial for consumers but also for merchants and app developers. By using App Protect, merchants and app, developers can enhance their reputation and customer loyalty by providing a safe and secure online experience. They can also reduce the risk of chargebacks, refunds, and fraud losses that can damage their bottom line. Moreover, App Protect can help merchants and app developers comply with the latest regulatory standards and best practices for online security, such as the Payment Services Directive 2 (PSD2) in Europe.