Mastercard expands new customer 'protection' to more than 11 UK banks

James Rodger

24 September 2024 at 1:03 pm·2-min read

The card provider has enhanced fraud prevention with an expanded scheme across UK banks and financial institutions. — -Credit: (Image: Reach Publishing Services Limited)

Mastercard has rolled out "enhanced" rules to more banks in the UK amid the Cost of Living crisis. The card provider has enhanced fraud prevention with an expanded scheme across UK banks and financial institutions.

Mastercard has extended a scheme designed to help banks spot payment scams in real time. Mastercard, which is used by thousands of UK card holders, says it has already helped banks identify and prevent thousands of attempted fraudulent payments.

Halifax, Lloyds, Barclays, NatWest, TSB, and Monzo already use the system. The initiative, which uses artificial intelligence, works by scanning multiple data points associated with a transaction, providing a risk score in real time to the sender’s bank.

The scams, known as authorised push payment (APP) fraud, are sparked when someone thinks they are paying a legitimate person or organisation but they have been tricked by a fake website, email, text or phone call.

Mastercard said the consumer fraud risk service has been extended to receiving banks so it can help them to detect when a payment may be destined for an account used by fraudsters. Criminals use “money mule” accounts to move cash around.

Money mules often keep a cut of the cash in return for allowing their bank account to be used by criminals. Initial tests of the additional “inbound risk” alerts have seen improvements in the ability to identify high-risk mule accounts early, within the base of bank accounts, Mastercard said.

Johan Gerber, executive vice-president for security solutions at Mastercard, said banks are being provided with “additional lines of defence – helping them better identify and stop scams in their tracks”. Since early 2023, the Mastercard solution has helped 11 UK banks identify and stop a scam payment before the funds leave the victim’s account. It works by scanning multiple data points associated with a transaction, providing a risk score – in real time - to the sender’s bank.

The PSR collects payments data from 14 of the largest banks in the UK mandated to report. Across 2023 the data showed a 12% reduction in the total value of APP scams from £389m.

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