Mastercard announced the implementation of generative AI technology to significantly accelerate the detection of compromised cards, increase protection for cardholders, and ensure the security of the payments ecosystem.
Fraudsters frequently steal millions of payment card numbers through methods such as spyware, malware, and card skimming, then sell some of the card details on illicit websites.
Mastercard is now leveraging generative AI to perfectly predict these compromised card details, allowing banks to block cards quicker than before.
New technology scans transaction data from billions of cards and millions of merchants at unprecedented speed.
This enhanced functionality will enable Mastercard to detect complex fraud patterns and protect future transactions from emerging threats.
Generative AI-based predictive technology has doubled the detection rate of compromised cards while simultaneously reducing false positives in fraud detection by up to 200%.
Additionally, the speed at which we identify at-risk or compromised merchants has increased by 300%.
As a result, Mastercard will be able to more quickly and accurately alert banks when a card may be compromised, enabling timely card blocking and reissuance.
Continuous monitoring for attempted transactions on compromised cards further mitigates fraud and enhances cybersecurity.
This latest advancement builds on Mastercard’s existing suite of security solutions. cyber secureavailable since 2020.
Cyber Secure integrates technology that provides transparent cybersecurity information about bank and merchant profiles, including details of suspected compromised cards.
johan gerber
“Until now, you may have believed that fraudsters were working covertly to launder the card information of millions of unsuspecting victims.
Thanks to our world-leading cyber technology, we can complete the jigsaw and increase trust in banks, their customers and the entire digital ecosystem. ”
Johan Gerber said: master Card.
Featured image credit: Edited from freepic
