Mastercard's range of innovative
fraud detection tools and solutions help protect and
ensure payment security for consumers and businesses
TORONTO, Feb. 24,
2025 /CNW/ - In a constantly evolving digital world,
fraud threats seem to be coming from every direction,
making it more challenging for Canadians to feel and remain secure.
Launching ahead of Fraud Prevention Month in March,
Mastercard's new nationwide survey reveals that despite 89 per cent
of Canadians recognizing the growing threat of financial
fraud to individual and community prosperity, only
seven per cent prioritize prevention. As a global leader in cyber
and fraud detection, Mastercard is helping ensure the
protection of each transaction using AI technology to assess and
mitigate risk, while delivering trust in payments.
"Our objective is to stay one step ahead of fraudsters to
protect businesses and their consumers. Mastercard is
revolutionizing the speed and precision of our
anti-fraud solutions through the continued
implementation of new technologies, including the evolution of
Artificial Intelligence" says Amisha Parikh, Vice President, Security
Solutions, Mastercard, Canada.
"Our technology enhances our ability to foresee potential
fraudulent attempts. This is part of our commitment to infuse trust
into every interaction to help protect Canadians and their
businesses."
Additional findings from the Mastercard research includes:
- More than three quarters of Canadians (76%) are generally
worried that fraud attempts could impact their
financial health & well-being.
- 65% of Canadians self-reported as being knowledgeable regarding
financial fraud, and (16%) self-identified as being
unknowledgeable.
- More than seven in ten (77%) Canadians believe that they can
identify fraud, with only a small minority (3%) unable
to consistently distinguish fraud.
- Over half of Canadians (53%) believe they have a shared
responsibility with businesses and financial institutions to
protect themselves.
Mastercard is at the forefront of combating financial
fraud
Although Canadians are alarmed about rising financial
fraud, an overwhelming 90 per cent say they trust
their credit card transactions to be secure. Across Mastercard's
global network and in Canada,
Mastercard delivers on that trust through continuous innovation to
help protect transactions from emerging digital threats.
By tapping into innovative technologies like biometric
authentication, tokenization and contactless payments, Mastercard
enhances security while ensuring convenience for both consumers and
businesses, helping strike the perfect balance between robust
fraud prevention and seamless, frictionless user
experience. These solutions help confront the challenges within the
sophisticated, ever-evolving payment fraud
landscape.
For example, Mastercard invests in Canadian innovation and
developing solutions that help consumers and small businesses
protect their financial data, including a $510M investment in its Global Intelligence and
Cyber Centre of Excellence. Located in Vancouver, the Global Intelligence and Cyber
Centre of Excellence taps into the country's talented cyber and
tech workforce and thriving technology ecosystem to help bring
innovations to market even faster. In addition, the company
has invested more than $10M in
partnerships via the Global Intelligence and Cyber Centre
of Excellence with academic institutions and non-profits
nationwide to grow Canada's highly
skilled tech workforce and ensure Canada remains at the forefront of global
innovation.
Building healthier and more prosperous local
economies
Small businesses represent a large majority of Canada's economy, yet they are noticeably more
vulnerable to the damaging effects of financial fraud,
including loss of consumer trust. However, seventy per cent of
Canadians say their trust in businesses is higher when they employ
advanced security technologies, such as biometrics and passkeys. It
is crucial that small businesses have access to fraud
prevention tools, resources and technologies to protect their
bottom line, consumer trust and the health of Canada's local economies.
Mastercard is committed to helping Canadian small businesses to
stay resilient and protected against rising cyber threats. The
Mastercard Cybersecurity Assessment Tool is available for free and
on demand through the Mastercard Trust Centre, which helps business
owners understand their cybersecurity needs and options so they can
focus on what matters the most - growing their business.
"Mastercard believes small businesses are the backbone of
Canada's economy," says
Parikh. "We continually invest in new solutions and strategic
partnerships to better equip small business owners and
entrepreneurs with the tools to defend against
fraud."
Survey Methodology: A representative of N= 1,000 Canadians
was issued the online survey between January
31 and February 10, 2025, balanced and weighted on age,
gender and region. (Comparative margin of error = +/-
3.1%)
Some of the stats provided have been calculated by combining
the two positive response options (e.g., 'Agree' + 'Strongly
Agree') or the two negative options (e.g., 'Disagree' + 'Strongly
Disagree') to measure overall sentiment.
About Mastercard (NYSE: MA)
Mastercard powers economies and empowers people in 200+
countries and territories worldwide. Together with our customers,
we're building a sustainable economy where everyone can prosper. We
support a wide range of digital payments choices, making
transactions secure, simple, smart and accessible. Our technology
and innovation, partnerships and networks combine to deliver a
unique set of products and services that help people, businesses
and governments realize their greatest potential.
SOURCE Mastercard
