With AI deployment, we ensure business continuity and secured transactions: Joy Sekhri, VP, Security Solutions, South Asia at Mastercard
The Indian fintech industry has, in its true essence, democratised technology from the bottom to the top of the pyramid. And, UPI is an exemplary initiative driving the move. Besides UPI, India recorded a total of over 97 million credit cards and more than 960 million debit cards by December 2023. The numbers simply testify to how crucial cards are in driving the country’s economy, especially in enabling better purchasing power for the middle class.
In an exclusive conversation with Express Computer, Joy Sekhri, Vice President, Security Solutions, South Asia at Mastercard opened up on the card provider’s innovative approach towards providing value to customers with privacy and security as core virtues behind every interaction and transaction. He also highlights how Mastercard is leveraging advanced technologies like GenAI and smart biometrics to share real-time insights and provide smart, simple, and secured financial experience.
In the wake of digital payments evolution, how is Mastercard leveraging its global expertise to ensure a secure payment experience in India?
In the BFSI industry, innovation is driven by the need to solve real-world challenges using data analytics and emerging tech. At Mastercard, we provide enriched, real-time insights to our customers to support smart, simple, and secure financial experiences for everyone. Our approach combines technology and insights in a holistic service to assess and protect against risk while delivering trust in payments and beyond. Through our world-class services cutting across domains, we deliver more value to our customers, helping them innovate in every interaction and transaction.
India has seen remarkable growth and evolution in digital payments over the last few years. At Mastercard, we recognise the market dynamics and have adapted by investing in innovative technologies that align with the latest digital payment trends. Our focus remains on providing trusted and inclusive financial services that cater to the unique needs of Indian consumers while ensuring secure and seamless payment experiences, whether through cards, QR codes, or other instruments.
Our efforts go beyond protecting the transaction. We are driving new thinking and new approaches to safeguard an evolving ecosystem from the physical to the digital to the metaverse, and every interaction in between. These initiatives reflect our commitment to enhancing trust and security for consumers and businesses alike.
GenAI has now been around for long. How can this technology be a game-changer for the BFSI sector, and how is Mastercard leveraging GenAI models?
GenAI has the potential to revolutionise cybersecurity in the BFSI sector by enhancing threat detection and response capabilities. With its ability to process vast amounts of data, GenAI can proactively identify patterns and trends that signal emerging cyber threats, helping organisations mitigate attacks before they happen. This shift toward predictive, rather than reactive, cybersecurity allows for faster and more efficient incident management. Additionally, GenAI can automate repetitive security tasks, such as monitoring and reporting, which frees up cybersecurity teams to focus on more complex and critical issues. However, as cybercriminals use GenAI for sophisticated attacks, organisations must stay vigilant to these evolving threats.
At Mastercard, by harnessing AI to protect against fraud and cybercrime, we ensure that consumers and businesses can continue to transact with confidence. We are pushing to deliver more insight for our customers in every interaction and transaction as we work together to build an ecosystem that is safer for everyone.
We are among the leaders in utilising AI and GenAI to strengthen cybersecurity and drive technological innovation. Through solutions like Brighterion and RiskRecon, Mastercard enhances the ability to safeguard financial transactions and improve compliance monitoring. Brighterion employs AI to deliver real-time intelligence, boosting fraud detection by identifying anomalies and suspicious patterns across billions of transactions. Meanwhile, RiskRecon focuses on diagnosing an organisation’s vulnerabilities, offering critical insights, and recommending the best defenses to protect against cyber threats.
In addition to its cybersecurity initiatives, Mastercard is also transforming customer experiences through AI. Tools like Shopping Muse, an AI-driven digital shopping assistant, provide personalised product recommendations based on user preferences, showcasing how AI is revolutionising customer engagement. These innovations reflect Mastercard’s commitment to harnessing GenAI for both security and personalisation, shaping a safer and more tailored digital experience.
When it comes to the deployment of advanced technology solutions, security, privacy, and transparency are the top priorities in your sector. How is Mastercard faring on this front?
Mastercard places the utmost priority on security, privacy, and transparency in the deployment of its advanced technology solutions. The company follows its Data and Tech Responsibility Principles, which serve as a robust framework to guide responsible and ethical innovation. At the core of these principles are the best-in-class security and privacy practices, including the company’s ‘Privacy by Design’ approach. This ensures that privacy safeguards are integrated from the outset, including data minimisation techniques, encryption, and de-identification to protect personal information without compromising usability.
Mastercard also emphasises transparency by clearly explaining how data is collected, used, and shared. Through this proactive communication and robust governance, Mastercard fosters trust while maintaining the highest standards of accountability. These practices extend beyond internal operations, as Mastercard works closely with partners and vendors to enforce strict data protection measures.
By adhering to these principles, Mastercard not only advances innovation responsibly but also ensures the fairness, inclusion, and social impact of its technology solutions, setting a high standard for security, privacy, and transparency in the industry.
Mastercard is bullish on data responsibility. The company has also published a whitepaper on the same. What is your vision for effective data management and security?
Mastercard is committed to advancing data responsibility and security through its vision outlined in the whitepaper, ‘The Global Data Responsibility Imperative’. The approach emphasises ethical data management and creating a secure, transparent ecosystem where user data is protected and used responsibly. This vision includes prioritising best-in-class security practices, such as encryption and regular audits, while fostering transparency by clearly explaining how data is collected, shared, and utilised, especially in areas like AI.
A key aspect of Mastercard’s data management strategy is accountability, where robust governance ensures checks over data use, minimising biases and promoting inclusion. This commitment not only safeguards individual rights but also enables innovation, ensuring that data-driven solutions are both secure and beneficial to society. Ultimately, Mastercard aims to lead the industry in ethical data management, promoting trust in technology while using data to drive meaningful social impact.
Considering the high penetration of digital payments in the country, what plans do you have for the Indian market, and can we expect new launches?
Mastercard has been focused on enhancing its presence in the Indian market through innovative initiatives emphasising technological advancement in digital payments. Recently, we made the global launch of our Payment Passkey Service in India. This cutting-edge service, introduced at the Global Fintech Fest in Mumbai, replaces traditional passwords with biometric authentication methods like fingerprint and facial recognition, significantly enhancing online shopping security and addressing the alarming 300 percent rise in online fraud cases in the country. Additionally, our collaboration with multiple stakeholders, such as payment aggregators like Juspay, Razorpay, and PayU to pilot this service exemplify Mastercard’s commitment to collaborate and foster a secure digital payment ecosystem.
By leveraging advanced technologies and collaborations, Mastercard aims to create seamless and efficient payment solutions that cater to the evolving needs of consumers and businesses. All of this reinforces our vision of driving digital transformation and innovation in India’s rapidly evolving fintech landscape.
