In 2023, victims of internet scams lost $12.5 billion nationwide, according to the FBI. During the first half of 2023, fraudsters were accountable for around 1.4 million thefts in the UK.

In response, Mastercard introduced Scam Protect, a set of specialist technologies that leverage AI, biometrics, and open banking to detect and stop fraudulent account openings, card-based frauds, and account-to-account scams.

In order to more precisely filter spam and scammers, the payments company is collaborating with Verizon by combining its identity insights with the network technology of the US carrier.

"Verizon and Mastercard share a commitment to helping protect consumers from security threats," states CEO of Verizon Business Kyle Malady.We are creating ways to recognize and stop scammers before they make contact by pooling our skills.

In the meanwhile, NatWest and other UK banks are the first to utilize Mastercard's AI-powered Consumer Fraud Risk solution to detect and stop money transfers to scammers in real time.

Additionally, Mastercard has joined the Global Anti-Scam Alliance, exchanging information and deciding on coordinated efforts to promote safe and secure methods of communication, engagement, and consumer protection.

"Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams while helping consumers learn how to spot them," says Chris Reid, EVP of identity solutions at Mastercard.