MasterCard has teamed up with digital fraud detection company NameProtect to combat illegal online activities such as "phishing".
Phishing involves sending spam mail appearing to come from a bank, asking the mail recipient to click on a link to confirm his or her details. The linked site appears to be genuine, but is not related to the bank. Details gathered through the site could be used for fraudulent purposes.
Other activities being targeted by MasterCard and NameProtect include identity theft schemes and the brokering of illegally obtained payment card numbers in the online environment.
MasterCard says that instead of reacting to online fraud and identity theft after it has occurred, it will take a more aggressive approach.
"We are confronting identity theft head-on by taking the fight directly to where payment card scams breed and spread," says Brian Bayliss, MasterCard VP and regional head of security risk services for South Asia, Middle East and Africa.
"By identifying these illegal card number-swapping rings and working to close down these online payment card black markets, as well as sites that are established solely to steal personal information, we can squash illegal activity before people`s accounts are compromised."
The group says NameProtect`s Internet detection technology will be used to detect online scams in real-time. By working with law enforcement, the partners aim to dismantle the online tools and venues used by identity thieves and ensure they are prosecuted.
"The MasterCard initiative is compelling in its scope and reach," says NameProtect CEO Mark McLane. "The financial services industry and its customers are the subject of growing and increasingly sophisticated attacks online. This partnership creates a platform to attack the source of Internet-based fraud."
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