Payment giant Mastercard is launching a new global A2A Protect service, which should strengthen user protection when making transfers from account to account. The first country where the service will be implemented will be the United Kingdom.
The goal of A2A Protect is to provide consumers with reliable protection against fraud, especially in cases of authorized fraudulent payments (APP fraud), and to provide a clear procedure for refunding funds. This is reported by the Mastercard press service.British banks Monzo, NatWest and Santander have already joined Mastercard in cooperation. They are working on the development and implementation of a new service in the Faster Payments system, the launch of which is expected in 2025.A2A Protect combines fraud prevention technologies with a single standard for dispute resolution, which will allow banks to respond more effectively to customer problems in the event of loss of funds.The project will also provide a unified approach to investigating fraudulent transactions and refunding funds in various cases. The service will use Mastercard's analytical solutions, in particular the Trace system, which helps to identify fake persons used in money laundering schemes.It should be noted that the Mastercard initiative is closely linked to the UK's National Payments Vision (NPV), which the government is promoting as a strategic direction for economic development. Britain seeks to become one of the world leaders in the field of payment technologies, while supporting the industries with the highest growth rates.
