Mastercard has partnered with the United Nations Development Programme (UNDP) to form a global coalition to combat digital scams. This collaboration leverages Mastercard’s expertise in scam detection and prevention, coupled with UNDP’s extensive international presence and development mandate.
— UNDP Tech, Innovation and Sustainable Development (@UNDPtech) May 24, 2024
Understanding the Scale of the Problem
Digital scams pose a serious global challenge with significant financial losses and devastating impacts on communities. The annual global economic loss from scams is estimated at a staggering USD 1.026 trillion, with actual figures likely higher due to unreported incidents. These scams undermine the progress of the development agenda and erode the trust essential for an inclusive digital transformation, especially in developing countries. The challenge is complex, transcending national borders, sectors, and disciplines and evolving rapidly with technology.
A Collaborative Approach to Combat Digital Scams
To address these challenges, the UNDP Global Centre for Technology, Innovation and Sustainable Development in Singapore is convening a global coalition of partners from the public and private sectors and civil society. This coalition aims to deepen the understanding of the impact of digital scams on development, focusing mainly on developing countries.
Mastercard’s Role in the Coalition
As the first private sector organisation to join the coalition, Mastercard is uniquely positioned to offer practical insights into cyber fraud and scams. The company’s commitment to enhancing the cyber resilience of digital economies will see it leveraging its global expertise and experience in deploying technology to fight fraud. Mastercard will share best practices and industry insights to help enhance cybersecurity standards and combat digital scams.
The Importance of Trust in a Digital Economy
“In today’s interconnected world, fostering trust is crucial for achieving an inclusive digital economy. This is especially true when online scams have become as rampant and sophisticated as the technology itself,” said Ari Sarker, President, Asia Pacific, Mastercard. “Continuing our efforts to tackle the rising threat to economies and consumers alike, Mastercard is proud to join forces with UNDP, combining our deep expertise, advanced technology, and innovative practices towards the global advancement of sustainable development of economies.”
The Coalition’s Future Plans
In the coming months, the global coalition will develop a report on the socio-economic impact of digital scams and a framework to address the complex dynamics at international, national, societal, and individual levels, focusing on developing countries. These insights will create a toolkit for collaborative actions to combat digital scams. This toolkit will include strategies, best practices, and capacity-building resources to catalyse effective multi-stakeholder interventions against digital scams.
Conclusion
The partnership between Mastercard and UNDP marks a significant step towards addressing the global challenge of digital scams. By leveraging collective expertise and resources, the coalition aims to build a more secure and inclusive digital economy, particularly benefiting developing countries. This initiative underscores the importance of collaborative efforts in tackling complex global issues and fostering sustainable development.
About UNDP and Mastercard
About UNDP: UNDP partners with people at all levels of society to help build nations that can withstand crises and drive and sustain growth that improves the quality of life for everyone. Operating in nearly 170 countries and territories, UNDP offers global perspectives and local insights to help empower lives and build resilient nations.
About Mastercard: Mastercard is a global technology company in the payments industry. It connects and powers an inclusive, digital economy that benefits everyone by making transactions safe, simple, smart, and accessible. With over 210 countries and territories, Mastercard’s innovations and solutions help individuals, financial institutions, governments, and businesses realise their most significant potential.
