The Art of Balancing Fraud Prevention and Customer Satisfaction with Ekata, a Mastercard company

Identity verification, fraudulent deterrence, this is what Ekata is all about. Acquired by Mastercard in 2021, Ekata has presented new capabilities through AI-powered innovations to increase the trust in a digital world. Together with Finicity, Ekata aids Mastercard with their identity attribute database, heightening their plans and process to leverage on open banking to fight fraud during onboarding.

“We see many of our clients leveraging on machine learning models, and they can track that versus their business success and fraud rates going forward, adjusting them in an ongoing way to maximise revenue and profitability of the business.”

Nick also explores on,

• Biometrics and behavioural patterns – companies need to increase their security defence to minimise the chances of fraudulent transactions.
• 0% fraud is desired, but it’s not optimal. In your attempt to fight against fraudsters, are you making your application procedure too hard for actual customers?
• Security countermeasure is not a ‘done and dusted’ situation – as fraudsters evolve, constant tests and evaluation is important for ensuring your measures are up to date.
• The opportunities in Southeast Asia – leveraging on external data to address your underbanked customers in a way that minimises risk while maximising profitability.

Catch the full interview now!