Floid and Mastercard unveil strategic fraud prevention partnership in Latin America 

Nov 29, 2023
4 min
Mundo Fintech
Open Banking

Leading technology innovator Floid and Mastercard join forces to expand security and transparency in Latin America by delivering an advanced fraud prevention solution. This strategic partnership reinforces both companies’ commitment to safeguarding digital transactions.

Floid was the first Latin American fintech  selected to join Mastercard’s Start Path Open Banking program, the award-winning global startup engagement program aimed at expanding access to digital financial experiences through open banking solutions. After participating in the program, Floid is now partnering with Mastercard to deliver secure solutions that empower consumers and small businesses to access the financial services they want and need.

Powered by Mastercard Identity, Floid’s solution verifies a consumer’s account ownership and their identity in real time. Mastercard's solution verifies an individual’s identity from account opening, through account changes and across the entire payment transaction, while minimizing friction and risk of fraud.

By combining real-time data analysis with key identity markers, Mastercard Identity validates behavior and ensures the data is linked to a genuine person. As businesses worldwide face growing threats, including synthetic identity fraud, the need for identity verification solutions continues to grow. Financial institutions worldwide rely on Mastercard Identity to provide seamless, secure digital experiences.  

"Mastercard is a leader in the fight against online fraud. By combining Floid's technological prowess with Mastercard's global reach, we are empowering businesses and consumers with an unprecedented level of security," said Alfonso Maira, CEO at Floid.

"This partnership exemplifies our commitment to creating a safer and more inclusive digital ecosystem. Together with Floid, we are leveraging our combined strengths to identify customers who may not have a rich credit or financial history while preventing online fraud," added Eduardo Sanchez, SVP, Cyber & Intelligence at Mastercard.

This solution is now available to businesses and consumers in Latin America as a way to expand their customers' choice in financial experiences through secure and global identity verification and fraud prevention.

About Floid:

Floid is a Chilean Open Finance fintech that powers financial inclusion and expands the data availability in Latin America. It focuses on offering tools for seamless and secure digital onboarding, risk assessments, bank reconciliations and payments. Financial institutions and merchants can plug into Floid in order to reach a wider range of customers and have a new way to interact with them.