Mastercard Uses AI to Solve ‘Jigsaw’ of Credit Card Fraud
22-May-24
Mastercard has introduced generative AI technology to enhance the detection of compromised credit cards by analyzing transaction data across billions of cards and millions of merchants, significantly improving fraud detection rates and reducing false positives by up to 200%. This development, announced alongside Mastercard’s “Scam Project” aimed at combating AI-driven scams, leverages AI, biometrics, and open banking to protect consumers from various payment and account frauds. This initiative follows Visa’s recent deployment of generative AI to mitigate enumeration attacks, highlighting the escalating use of AI in financial cybersecurity.
