Purchase, New York – In a bid to combat fraud practices across the payment industry, IT services and consulting firm Mastercard has recently announced its new tech addition, accelerating card fraud detection using generative artificial intelligence.
Through this enhancement, Mastercard can now detect potentially compromised cards at twice the speed, providing further protection to cardholders and securing the ecosystem.
This technology scans transaction data across billions of cards and millions of merchants at faster rates, allowing Mastercard to identify new, complex fraud patterns.
Furthermore, Mastercard is also able to protect future transactions against emerging threats with generative AI-based predictive technology.
In particular, the said move is achieved by doubling the detection rate of compromised cards, reducing false positives during the detection of fraudulent transactions against potentially compromised cards by up to 200%, and, lastly, increasing the speed of identifying merchants at-risk from or compromised by fraudsters by 300%.
These new features enable Mastercard to send alerts to banks more quickly and with greater accuracy when a card is likely to have been compromised. Subsequently, the card can then be blocked and reissued.
Additionally, attempted transactions on the compromised card can be continuously monitored to mitigate fraud and enhance cyber security, further instilling trust.
Johan Gerber, executive vice president, security and cyber innovation at Mastercard, said, “Until now, fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims. 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.”
