Mastercard accelerates card fraud detection with generative AI technology

May 22, 2024 | Purchase, NY

As fraudsters look for new ways to exploit technology, Mastercard is using generative AI to double the speed of identifying potentially compromised cards, further protecting cardholders and securing the ecosystem

Fraudsters steal millions of payment card numbers using spyware, malware, and other covert activities such as card encryption. In an attempt to sell this information to other criminals, they put some of the 16-digit numbers on illegal websites. Mastercard, the world's leading cyber security provider, can now better predict the full card details of compromised cards on its network, allowing banks to block them much earlier..

“Until now, fraudsters may have thought they were operating in the dark when they tried to launder the card details of millions of unsuspecting victims. Thanks to our world-leading cyber technology, we can now put the puzzle together, increasing trust in banks, their customers and the entire digital ecosystem," said Mastercard's Johan Gerber.

The new technology works by scanning transaction data from billions of cards and millions of merchants faster than previously imagined. In doing so, it warns Mastercard of new sophisticated fraud schemes. Using generative AI-based predictive technology created by Mastercard, it can protect future events against new threats:.

doubling the detection rate of compromised cards

reduces false positives by up to 200% when detecting fraud on potentially compromised cards

300% faster identification of fraudulent or fraudulent merchants..

Thanks to these improvements, Mastercard alerts banks faster and more accurately when a card is likely to be compromised. After that, the card can be blocked and reissued. Transactions made with a compromised card can be continuously monitored to reduce fraud and improve cyber security, increasing trust.

Using state-of-the-art generative AI technologies, this latest addition turbocharges Mastercard's security solutions. Available from 2020, Cyber Secure uses integrated technology to create transparent cybersecurity data in the payment ecosystem, including information about suspected compromised cards, through online profiles of banks and merchants.

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