Trends
Mastercard AI will analyse 1 trillion data points to combat fraud
Mastercard is integrating generative AI techniques to improve the security measures protecting both customers and the entire payment network.
Headline
Mastercard is integrating generative AI techniques to improve the security measures protecting both customers and the entire payment network.
Context
Mastercard has unveiled the development of its exclusive generative artificial intelligence (AI) system. This system is designed to aid numerous banks within its network in identifying and eradicating fraudulent transactions. Mastercard is currently integrating generative AI techniques to enhance the security measures that protect both customers and the entire payment network.
Evidence
Pending intelligence enrichment.
Analysis
A real-time tool from Mastercard called Decision Intelligence (DI) already assists banks in approving 143 billion transactions annually. The latest generative AI technology will analyse an unprecedented volume of one trillion data points to forecast the authenticity of transactions, thereby further enhancing Mastercard’s current capacity to assess account, purchase, merchant, and device data in real time. The advanced technology, known as Decision Intelligence Pro, functions by evaluating the interconnections among various entities involved in a transaction to gauge its level of risk. Within a timeframe of less than 50 milliseconds, this technology refines the information supplied to banks. As per Mastercard, initial modeling suggests that enhancements in AI lead to an average increase of 20 percent in fraud detection rates and up to 300 percent in certain instances.
Key Points
- Mastercard reveals its innovative generative AI system designed to improve fraud detection capabilities throughout its vast network of banks.
- The Decision Intelligence Pro technology evaluates transaction risks by analysing interconnected entities, revolutionising fraud prevention strategies, Mastercard claims.
- The enhancements should lead to a significant increase in fraud detection rates.
Actions
Pending intelligence enrichment.
