- Mastercard’s generative AI tool has doubled its fraud detection rates and improved the speed of informing customers by 300%.
- Mastercard’s generative AI solution has reduced false positive reports by 200%, enhancing customer experience and trust in its fraud detection systems.
Mastercard‘s new generative AI tool, which scans transaction data considering 40 security criteria, has significantly enhanced its fraud detection capabilities, doubling the detection rates of compromised cards and increasing the speed of customer notifications by 300%. Additionally, the tool has reduced false positive reports by 200%, improving overall efficiency and customer trust in Mastercard’s security measures.
Enhanced fraud detection
Mastercard’s new generative AI tool scans transaction data across billions of customer cards to identify fraud patterns, considering 40 security criteria. This tool alerts Mastercard of suspected fraudulent transactions in seconds, enabling quick intervention to stop payments and monitor further attempts. By leveraging advanced AI, Mastercard has significantly improved its fraud detection capabilities, enhancing overall security for its customers.
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Reduced false positives
Mastercard’s generative AI solution has also reduced the number of false positive reports by 200%. This reduction means fewer legitimate transactions are mistakenly flagged as fraudulent, improving the customer experience and trust in Mastercard’s fraud detection systems. Accurate detection is crucial in maintaining customer satisfaction and operational efficiency.
Industry competition
Mastercard’s efforts are paralleled by Visa, which launched a similar generative AI-powered fraud detection solution in early May. Visa’s VAAI Score Tool can detect possible fraudulent payments in around four milliseconds. This competitive landscape drives continuous innovation and improvement in fraud detection technologies, benefiting the entire financial sector by increasing security and trust.
