Home Science Technology Cyber Vigilance: Mastercard and UNDP Unite Against Digital Scams

Cyber Vigilance: Mastercard and UNDP Unite Against Digital Scams

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Mastercard Undp Social Media Logo
Mastercard Undp Social Media Logo

In a bid to combat the rising tide of digital scams, Mastercard and the United Nations Development Programme (UNDP) have forged a strategic partnership.

Under the banner of a Memorandum of Understanding, the two entities are pooling their resources to deepen the understanding of the developmental impact of digital scams and to devise effective strategies for detection and mitigation.

Digital scams have emerged as a formidable global challenge, exacting staggering financial losses and wreaking havoc on individuals and communities worldwide. Despite the enormity of the problem, much of it remains hidden, with countless incidents going unreported. These scams not only impede progress toward development goals but also corrode the trust essential for fostering an inclusive digital transformation, particularly in developing nations.

Recognizing the imperative for a collaborative, multi-stakeholder approach, the UNDP Global Centre for Technology, Innovation, and Sustainable Development in Singapore is spearheading a global coalition. This coalition aims to unite international and local public and private sector entities, as well as civil society, in a concerted effort to comprehensively understand the impact of digital scams on development, with a specific focus on developing countries.

Mastercard, renowned for its expertise in safeguarding global networks, is the first private sector organization to join this coalition. Its participation underscores the company’s commitment to bolstering global and regional initiatives aimed at fortifying the cyber resilience of digital economies. Leveraging its extensive experience and technological prowess in combatting fraud, Mastercard will provide invaluable insights, best practices, and industry expertise to elevate cybersecurity standards and combat digital scams.

Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Bureau for Policy and Programme Support, emphasized the urgency of the endeavor, highlighting Mastercard’s pivotal role in augmenting the coalition’s capabilities. Ari Sarker, President, Asia Pacific, Mastercard, echoed this sentiment, stressing the importance of fostering trust in an interconnected world plagued by increasingly sophisticated online scams.

Looking ahead, the global coalition will undertake an in-depth analysis of the socio-economic ramifications of digital scams and formulate a comprehensive framework to address these multifaceted challenges. Special attention will be devoted to developing countries, where the impact of such scams is most acutely felt. The insights gleaned from this initiative will inform the creation of a toolkit comprising strategies, best practices, and capacity-building resources aimed at galvanizing collaborative action against digital scams on a global scale.

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