The digital revolution: Is your business ready?

The digital transformation we are experiencing today can be likened to the Industrial Revolution – the technological developments that now shape the way we interact with the world would once have only seemed possible in science fiction. This is especially prominent in the payments space. There is more choice than ever when it comes to how to pay or get paid, with options like Buy Now, Pay Later (BNPL), crypto, NFTs, blockchain, CBDCs and biometrics now available.

But in a world where possibilities for payments are expanding, so too are cyber threats.

“Cyber attacks, scams and frauds are hurting both Australian businesses and their customers,” said Mallika Sathi, Vice President for Cyber & Intelligence Solutions and Digital Identity in Australasia, Mastercard.

“Organisations must not only be aware of the risks that cybercrime poses, but also put solutions in place that will secure digital interactions, build trust and ultimately protect both their brand and their customers.”

According to the most recent ACCC Targeting Scams report, Australians lost a record $3.1 billion to scams in 2022, an 80 percent increase on 2021.*

With small and medium-sized enterprises (SMEs) often having less resources than their larger counter parts, it’s particularly important that these organisations take proactive measures to secure their systems, with cyber-attacks considered one of the largest risks to SMEs.

Why new risks need new solutions

It’s clear that Australians need safe, simple and smart ways to pay that keep up with daily demands, and businesses must be equipped to meet the needs of consumers in providing them with security when they pay both online and in-store.

So when it comes to your customers, are you confident that your solutions are secure enough to face emerging technologies?

How can you protect your business?

For small businesses and large enterprises alike, confidence comes with knowing your business is protected. Over the years, Mastercard has evolved to an innovative technology and services provider focused on broader payment opportunities in the retail, technology, government and finance industries. Today, Mastercard is a leader in making payments safer for merchants and their customers.

This means committing to providing all stakeholders in the payment ecosystem – from issuers, acquirers, merchants and consumers – with access to the latest technology and services to connect and protect transactions, safely and seamlessly.

The team is continually building and refining Mastercard’s technology to stay ahead of fraudsters. In order to provide safe and secure shopping experiences, Mastercard uses sophisticated tools that monitor, detect and fight fraud at every step of the purchasing process, even before shoppers purchase. By discussing how you can leverage the latest Mastercard payment technology with your acquiring bank or payment service provider, you can better secure your business with:

  • Mastercard Identity Check (3DS2.0): Ensuring your customer is actually your customer, and providing your bank with the tools to more effectively authenticate and approval a purchase.
  • Mastercard Click 2 Pay: Using advanced encryption technology to protect card details being transmitted at guest check out.
  • MDES for Merchants: Protecting card details saved on file, reducing the risk of theft or interception from bad actors.
  • Mastercard Trust Centre: Arming you with the critical assets and information you need to safeguard against threads and protect your business.

By leveraging the latest payment technology, you may also benefit from additional protections such as liability shift, which can protect you from losses encountered by your business when a fraudulent card is used.

Protecting your customers as they pay

Whether paying online, in-store, via mobile or a wearable, when the Mastercard network processes a transaction, your customer stays protected.

For example, Mastercard can identify each user’s smartphone as theirs, which helps to prevent others from making transactions with their mobile credentials.

Mastercard continues to roll out Sonic acceptance across Australian retailers. This technology sees a unique melody and animation play on the point-of-sale device when a payment is successfully processed and protected by the Mastercard network, instilling confidence and trust in the mind of your customers.

In the face of a digital revolution and with new security threats emerging every day, there has never been a better time to harness emerging technologies to protect your business. Speak to your acquiring bank or payment service provider today to ensure you’re leveraging the latest Mastercard payment technology in your business.

To learn more about how Mastercard can help provide both business and shoppers with security and peace of mind, visit the Mastercard Trust Centre today. Click here to find out more.

*Targeting scams: report of the ACCC on scams activity 2022, ACCC, April 2023

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