Mastercard and Vesta partner to offer fraud management solutions for merchants in LatAm
By Edlyn Cardoza
Mastercard and Vesta, a leading global fraud prevention platform for digital purchases, have announced a new strategic partnership to provide a fraud management platform for merchants in Latin America and the Caribbean.
As consumers’ need and interest in online shopping increase, merchants are challenged to verify identities and manage increasingly enhanced fraud threats in real time. With this partnership, organisations join forces to meet the security needs of merchants and promote a broader initiative to improve the digital consumer experience and strengthen their confidence in e-commerce.
“We are excited about this new partnership with Mastercard. Our joint ability to help digital marketers across the network positively impact revenues with zero risk decisions in real time is a game changer,” said Vesta’s CEO Ron Hynes. “Often merchants lose good customers and revenue stemming from lack of available information, insufficient analysis and rigorous fraud prevention to the extreme, causing e-commerce retailers to refuse good customer transactions due to fear of fraud.”
Fraud management solutions resulting from this partnership will have resources from both organisations. This includes detection and response to Vesta’s real-time anomalies, comprehensive global consortium data, and the best machine learning decision-making tools with additional strategic cybersecurity and intelligence capabilities from Mastercard. Together, they will provide complete protection before, during, and after transactions, to Mastercard merchants and consumers worldwide.
“Our partnership with Vesta is the next step in our journey to make the digital economy more protegids, more transparent and secure,” said Jorge Arbesu, Senior Vice President of Partnerships, CyberSecurity, and Intelligence at Mastercard. “This partnership complements our capability and simplifies risk management for merchants, providing a better consumer experience.”
With solutions and market expertise, the partnership will provide 100% protection against undue charges and will also incorporate numerous transaction information, such as credit score and preventive alerts of undue charges. The enhanced solution will be available to all Latin American and Caribbean markets from the first quarter of 2023.