Mastercard is launching A2A Protect in the UK, a new service aimed at helping banks safeguard consumers from account-to-account payment fraud and resolving disputes.
A2A Protect will initially address pressing issues such as Authorised Push Payment (APP) fraud. It offers a blend of preventive measures, consumer protections, and a process for recovering funds. Future phases will expand the fund recovery process to a wider range of scenarios, including situations where goods and services have been purchased.
In the UK, £592 million was lost to account-to-account fraud last year. The Payment Systems Regulator has responded by implementing a 50:50 liability model for APP fraud.
Mastercard states that A2A Protect will provide an industry-standard fraud and loss reporting system, along with a clear framework that includes multilateral standards to tackle transactional and fraud protection issues, and consumer protections for goods and services.
The service features a consistent procedure for banks to resolve disputes and recover funds across various cases through Mastercard’s centralized platform.
“Fast account-to-account transactions bring fast fraud, and it’s our duty to support consumers. A2A Protect offers significant benefits to everyone involved in a transaction,” says Jorn Lambert, chief product officer at Mastercard. “It reduces operational costs for financial institutions with standardized real-time fraud insights and streamlined dispute resolution, while all parties benefit from faster and more predictable outcomes.”