Mastercard has expanded an initiative that enables banks to spot fraudulent payment scams as they are happening.
The scheme, which employs artificial intelligence to scan a range of data points related to transactions has been up and running since last year. It helps British banks identify and halt potentially fraudulent payments before the money leaves an account.
Mastercard is extending the scheme to include bank accounts to which the potential scam payment is set to arrive. Using AI, all the data related to a transaction can be collated into a risk score that both the sending and receiving bank can get in real-time.
The scams, officially known as authorised push payment fraud, happen when a person believes they are paying a legitimate account or organisation but have been fooled by a fake website, email, text or phone call.
Johan Gerber, executive vice president for security solutions at Mastercard, said banks are being provided with “additional lines of defence – helping them better identify and stop scams in their tracks”.
Fraudsters often use so-called money-mule accounts, which are opened and used by third parties to give them an image of legitimacy. However, scammers will pay the money-mules a cut of the fraudulent payment for using their accounts before moving the funds on. Mastercard's expanded AI-based will assist banks in identifying possible money-mule accounts as scams occur.
Mandatory reimbursement
Many UK banks are already signed up to a voluntary code that reimburses people who fall for fraudulent payment scams. From October, however, a mandatory code will come into force overseen by the Payment Systems Regulator (PSR), which will force banks to reimburse victims of payment scams, unless the customer has been grossly negligent.
The code and Mastercard's expanded initiative are part of the finance industry's efforts to crack down on fraud and cybercrime. Mastercard recently announced it is acquiring the global threat intelligence company Recorded Future from Insight Partners for $2.65 billion. The company has more than 1900 clients across 75 countries, including the governments of 45 countries and more than half of the firms in the Fortune 100.
Mastercard and Recorded Future were already collaborating on the initiative before the deal, and the tie-up will “enable everyone to feel safer in their daily lives,” the chief executive of Recorded Future, Christopher Ahlberg, said.
The deal, which is subject to regulatory review, is expected to be finalised by the end of the first quarter of next year.
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
KILLING OF QASSEM SULEIMANI
