Mastercard partners with the United Nations Development Programme (UNDP) through the signing of a Memorandum of Understanding. This collaboration aims to enhance comprehension of the developmental effects of digital scams and explore methods for their detection and mitigation.
Digital scams present a significant worldwide issue, resulting in substantial financial losses and causing severe harm to individuals and communities. The estimated annual global financial damage from scams amounts to USD 1.026 trillion, with potentially even higher losses due to underreporting.
These scams hinder the advancement of development goals and diminish the crucial trust required for an inclusive digital transformation. Developing nations are particularly affected by this impact. The complexity of the challenge extends beyond borders, sectors, and fields, evolving rapidly in technology and sophistication. This underscores the necessity for a collaborative, multi-stakeholder strategy.
It will help Mastercard understand challenges better
To gain insights into these challenges and drive efforts to tackle them, the UNDP Global Centre for Technology, Innovation, and Sustainable Development in Singapore is uniting a worldwide group of partners from various international and local public and private organizations, as well as civil society. They are collaborating on a project to explore the effects of digital scams on development, with a specific emphasis on developing nations.
Being a leader in protecting worldwide networks, Mastercard is in a unique position to provide valuable insights into cyber fraud and scams. It’s the inaugural private sector entity to become part of this coalition, highlighting the company’s dedication to bolstering global and regional initiatives for improving cyber resilience in digital economies. Mastercard will utilize its global knowledge and vast experience in implementing technology to combat fraud, while also sharing industry best practices and insights to elevate cybersecurity standards and tackle digital scams.
Director of UNDP’s statement on digital scams
“Digital scams have negative effects on the global development agenda. It is crucial to enhance our comprehension of this issue, especially concerning developing nations. Mastercard’s expertise in combatting digital fraud, detection technologies, and industry insights on consumer protection are valuable assets for the global coalition. These efforts are vital in safeguarding global progress towards the Sustainable Development Goals.”
Director of UNDP
In the upcoming months, the global coalition aims to create a report focusing on the socio-economic implications of digital scams. They will also establish a framework to tackle the intricate dynamics at global, national, societal, and individual levels, particularly in developing nations. These findings will be utilized to craft a toolkit for joint efforts to combat digital scams. This toolkit, comprising strategies, best practices, and capacity-building resources, intends to trigger efficient multi-stakeholder interventions against digital scams.