😱Mastercard launches a new service in the UK🇬🇧 to protect A2A payments from fraud

😱Mastercard launches a new service in the UK🇬🇧 to protect A2A payments from fraud

Mastercard has announced the launch of a new security service for account-to-account (A2A) payments, to be integrated into the UK’s Faster Payments system in collaboration with Monzo, NatWest, and Santander. The service, called Mastercard A2A Protect, will be available to UK users by the end of the year.

▶️ This system builds upon the Consumer Fraud Risk (CFR) platform, which helped reduce fraud in A2A app payments by 20% since its rollout in 2023.

▶️ In addition to an advanced version of CFR, Mastercard A2A Protect includes:

✅ Trace: an AI-powered solution using network data analysis to identify money laundering activity and disable accounts linked to money mules.

✅ Tools for consumer protection rights.

✅ A centralized process for dispute resolution and refunds, enabling banks to resolve cases faster via Mastercard’s platform.

▶️ In future phases, the system will expand to include refunds for goods and services payments.

▶️ Context: in 2024, A2A fraud losses in the UK totaled £592 million. In response, the Payment Systems Regulator (PSR) introduced a 50:50 shared liability model between sending and receiving banks.

#news #fraud #Europe

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