Mastercard has joined up with and end-to-end fraud protection platform Vesta to deliver fraud management solutions for merchants in Asia Pacific.
The companies announced that Mastercard’s Cyber & Intelligence (C&I) software will be integrated into Vesta’s transaction guarantee platform, allowing merchants in the region to tackle online fraud more efficiently and approve a greater number of transactions. The service will be available to merchants in the second quarter of this year
“Through this strategic partnership, merchants will benefit from one integration into Vesta’s decision engine to approve more legitimate transactions with zero fraud chargeback liability, allowing them to focus on growing sales and improving customer experience without the fear of fraud,” said Shabab Muhaddes, Vesta SVP and GM APAC.
According to a recent study from Juniper Research, the total cost of ecommerce fraud to merchants globally will exceed US$48 billion in 2023, from just over US$41 billion in 2022. The study found that Asia Pacific accounted for 22% of global fraud.
With an increasing number of consumers choosing to shop online, verifying identity, protecting against data leaks and tackling fraud in real time has become a challenge for merchants.
Under the new deal, the combination of cyber security solutions, including behavioral biometrics, pre-dispute resolution, and identity verification, as well as Mastercard’s market expertise, will provide merchants with 100% fraud chargeback protection, the firms added. Transactional insights such as payment risk scores and pre-emptive chargeback alerts will also be incorporated.
