Mastercard AI will analyse 1 trillion data points to combat fraud

  • 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.

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.

Enhanced fraud detection: Mastercard’s latest AI technology

Mastercard is currently integrating generative AI techniques to enhance the security measures that protect both customers and the entire payment network.

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.

Also read: How criminals used AI face apps to swindle users: A China case study exposes the risks

Mastercard’s president Ajay Bhalla highlights the role of AI

Ajay Bhalla, Mastercard’s president of the cyber and intelligence business unit, discussed how AI may be used to combat fraud: “With generative AI we are transforming the speed and accuracy of our anti-fraud solutions, deflecting the efforts of criminals, and protecting banks and their customers.”

“The precision of the solution – achieved by scanning potential points of sale in real-time – has been shown in our own analysis to not only increase accuracy but also reduce the number of false positives by more than 85 percent.”

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *