The Fraud Boxer Podcast What Mastercard is doing to help us in the fight against fraud and scams!
Mar 3, 2025
Seckin Yilgoren, an expert in fraud and cybersecurity, shares his insights as the SVP of Security Solutions for North America at Mastercard. He addresses the rising threat of cyber attacks and the dual role of AI in facilitating and combating fraud. Seckin discusses the challenges of traceability in digital transactions and introduces the First Party Trust program, aimed at holding relevant parties accountable for fraud. He also predicts future trends in fraud prevention, including the need for more regulations and enhanced data-driven defenses.
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Digital Life Widens Attack Surface
- Increased digitization creates infinite vulnerability points and accelerates cybercriminal sophistication.
- Mastercard notes criminals increasingly use AI and GenAI to scale successful attacks like identity theft.
Deepfakes Used To Impersonate Banks
- Fraudsters use deepfake voices and videos to impersonate bank staff and persuade victims to act.
- Elderly and high-net-worth customers are especially vulnerable to convincing AI-generated calls.
AI Powers Large-Scale Fraud Deflection
- Mastercard has used AI and ML on massive transaction data for decades to improve approvals and detect fraud.
- Their Safety Net solution helped deflect about $20 billion in fraud in 2023.