Mastercard and Vesta, an end-to-end fraud prevention platform for digital purchases, announced a new strategic partnership to provide a state-of-the-art fraud management platform for merchants across Latin America and the Caribbean. As the need and interest from consumers to shop online increases, merchants are challenged to verify identities and manage evolving fraud threats in real time.
Through this partnership, the organizations join forces to not only meet merchants’ security needs, but also address a broader effort to enhance the consumer ‘s digital experience and strengthen their trust in ecommerce.
The fraud management solutions resulting from this collaboration will unite resources from each organization. This includes Vesta’s real-time anomaly detection and response, extensive global consortium data and best-in-class machine learning decisioning tools with the added strategic capabilities of Mastercard Cyber and Intelligence solutions. Together, they will provide full protection, before, during, and after a transaction for Mastercard merchants and consumers worldwide.
Using the combination of the solutions and market expertise, the partnership will provide merchants 100% fraud chargeback protection and will also incorporate numerous transactional insights like payment risk scores and pre-emptive chargeback alerts.
“We are excited about this new partnership with Mastercard. Our combined ability to help digital merchants across the network positively impact revenues with zero risk decisioning in real time, is a game-changer,”
said Vesta CEO, Ron Hynes, adding,
“Too often merchants lose legitimate customers and revenue simply due to a lack of available information, insufficient analysis and overly strict fraud prevention, causing ecommerce retailers to decline good customer transactions, because of the fear of fraud.”
“Our partnership with Vesta is the next step in our journey to make the digital economy safer, more seamless and secure,”
said Jorge Arbesu, Senior Vice President, Partnerships, Cyber and Intelligence, Mastercard.
“Adding to our existing capabilities, this partnership simplifies risk management for merchants while offering a better consumer experience.”
The enhanced solution will be available to all markets across Latin America & Caribbean starting Q1 2023.
This article first appeared on Fintechnews.America
Featured image credit: Edited from Freepik
