Mastercard has joined forces with the United Nations Development Programme (UNDP) to tackle the growing problem of digital scams. The collaboration aims to deepen understanding of the scams’ development impact, particularly in developing nations, and develop strategies for detection and mitigation.
Digital scams are a major global challenge, causing significant financial losses and disrupting progress towards sustainable development goals. Estimates suggest annual global losses surpass $1 trillion, with the true figure likely even higher due to underreporting. Developing countries are especially vulnerable, as these scams erode trust in digital technologies crucial for growth and inclusion.
The complexity of digital scams necessitates a multi-stakeholder approach. Mastercard, a pioneer in safeguarding global payment networks, brings invaluable expertise in cyber fraud and scam detection. They are the first private sector organization to join the UNDP’s global coalition, highlighting their commitment to bolstering the cyber resilience of digital economies around the world.
Mastercard will contribute its extensive experience and technology solutions used in fraud prevention. Additionally, they will share best practices and industry insights to enhance cybersecurity standards and combat digital scams across the globe.
“Digital scams pose a significant threat to global development, particularly in developing countries,” stated Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Bureau for Policy and Programme Support. “We welcome Mastercard’s expertise in combating digital fraud, along with their detection technologies and consumer protection insights. These assets will be crucial to our collective efforts in safeguarding global progress towards the Sustainable Development Goals.”
This collaboration between Mastercard and the UNDP represents a significant step forward in the fight against digital scams. By combining expertise and resources, they aim to protect individuals and communities, especially in developing countries, and foster a more secure and trusted digital environment for all.
