Mastercard Bolsters Fraud Detection Capabilities by Incorporating Generative AI
Mastercard is enhancing its fraud detection capabilities with generative AI, which can analyze a trillion data points to predict the authenticity of a transaction. The existing Decision Intelligence tool by the payments giant already aids in scoring and approving 143 billion transactions annually for banks.
The new offering, Decision Intelligence Pro, evaluates the relationships between various entities involved in a transaction, determining its risk in less than 50 milliseconds. Mastercard claims that the AI enhancements can increase fraud detection rates by an average of 20%, reaching as high as 300% in certain cases.
This improvement aims to assist banks in safeguarding cardholders from fraudulent activities and reducing false positives, where valid payments are mistakenly flagged.
Speaking on the integration of Generative AI, Ajay Bhalla, president, cyber and intelligence, Mastercard, said, “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.
“Supercharging our algorithm will improve our ability to anticipate the next potential fraudulent event, instilling trust into every interaction.”
Mastercard is tapping into GenAI in a host of ways, including for a recently unveiled retail assistant tool that offers shoppers tailored product recommendations.
