MasterCard introduces MasterCard IQ Series to minimise number of false declines
MasterCard has unveiled a suite of solution, dubbed MasterCard IQ series.
MasterCard has unveiled a suite of solution, dubbed MasterCard IQ series, which uses real-time intelligence to enable issuers to make more informed fraud management decisions.
The solution is launched to target rising number cases of transactions declined unnecessarily when the card user travel out of his state or shop at a different store.
MasterCard IQ series includes two core products, which provides insights into cardholder expending habits, namely Authorization IQ and Assurance IQ.
Authorization IQ offers card issuers with segmented account spending insights to help them make more informed authorization decisions, while Assurance IQ allows the exchange of information from the merchant about the circumstances of a transaction.
MasterCard president of enterprise security solutions Ajay Bhalla said: “While the industry has relentlessly worked to reduce fraud, some of these efforts have resulted in an increase in transactions being needlessly declined.
“Our IQ products leverage technology and insights to deliver merchants and consumers a convenient, uninterrupted checkout experience.”
The new MasterCard IQ series, which is available across the world, supports all MasterCard brands and products.
According to an industry research by Javelin Strategy one out of every six cardholders experienced at least one decline because of suspected fraud in 2015.