Ferhan Patel

Finance and Technology Companies Take a Stand Against Fraud As long as there has been e-commerce, there has been cybercrime. In an industry at the forefront of technological development, criminals are an all-too-common reality, hindering technological progress and creating large costs for businesses. The industry has now reached a turning point. Progress has always been the priority, and the time has come, for the sake of progress, to deal a fatal blow to fraudsters. Last month, both Visa and MasterCard announced data-sharing partnerships with anti-fraud technology companies. Visa Inc. has partnered with Ethoca, a Toronto-based fraud identification firm, while MasterCard has partnered with Kount, an Idaho-based fraud management company. The partnerships, which will allow both companies to locate and shut down fraudsters more efficiently, is part of a larger movement aimed at putting up an industry-wide united front against cybercrime. “For the first time, we are s