Mastercard Honors Qi Card for Cyber Excellence Protecting 17 Million Users Against Financial Fraud

Mastercard has honored the International Smart Card company, known as Qi Card, under its Cybersecurity Excellence program, recognizing its notable achievements in securing digital payments, combating financial fraud, and safeguarding the personal data and transactions of more than 17 million users against advanced cyber risks. This global recognition reflects Qi Card's ongoing investments in modernizing its defensive frameworks and adopting sophisticated technologies that monitor suspicious behavior and detect card data abuse at an early stage, thereby enhancing public confidence in electronic payment services across Iraq. Mastercard praised the progress achieved by the Iraqi fintech provider in deploying cyber threat intelligence tools. The company successfully shifted from conventional fraud monitoring techniques to proactive security architectures designed to identify risks and contain threats before they escalate into larger financial schemes. These measures strengthened Qi Card's operational capability to counter the use of compromised or fraudulently generated card credentials and reduce fraudulent transfers, while maintaining seamless processing for legitimate transactions and minimizing false card suspensions. Performance metrics released by Mastercard over a six-month evaluation period demonstrated significant operational accuracy, including the detection of 3,246 card-testing attempts and the identification of 1,377 bank accounts involved in fraudulent operations. Notably, the system recorded zero false-positive alerts throughout the pilot phase, underscoring the precision of the deployed detection algorithms. Mastercard emphasized that Qi Card serves as a leading model in threat-informed payment protection, especially given its broad customer base exceeding 17 million active cardholders. Furthermore, this honor demonstrates the company's leading role in advancing secure digital finance and its firm commitment to preventing financial impersonation, which preserves customer funds and fortifies Iraq's emerging digital economy. Both entities continue collaborating closely to advance threat intelligence capabilities and align payment security with international banking standards.