Mastercard To Use AI Technology To Monitor Credit Card Fraud

Source: BBC

According to a press release, Mastercard is rolling out generative AI technology to monitor and catch credit card fraud. Mastercard said Wednesday that it will use the technology to discover that a credit or debit card number has been compromised. This way, the company can act before the number ends up in the hands of cybercriminals.

“Until now, fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims,” said Johan Gerber at Mastercard. “Thanks to our world-leading cyber technology, we can now piece together the jigsaw – enhancing trust to banks, their customers, and the digital ecosystem as a whole.”

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According to the press release, Mastercard’s new technology works by scanning transaction data across billions of cards and millions of merchants at faster rates than previously imaginable. In doing so, it alerts Mastercard to new, complex fraud patterns. Using generative AI-based predictive technology built by Mastercard, it is able to protect future transactions against emerging threats by:

  • Doubling the detection rate of compromised cards
  • Reducing false positives during the detection of fraudulent transactions against compromised cards by up to 200%
  • Increasing the speed of identifying merchants at risk from – or compromised by – fraudsters by 300%.

With these AI enhancements, Mastercard plans to monitor closer and alert banks quickly about likely fraud. The company added that attempted transactions on the compromised card could be monitored to mitigate fraud and enhance cyber security. This further instills trust between Mastercard and its clients.