Mastercard is leveraging generative AI to significantly enhance the speed of detecting potentially compromised cards. The company’s advanced fraud protection technology can now better predict complete card details based on partial numbers found on the Dark Web, where criminals share stolen card information.
Johan Gerber from Mastercard stated, “Until now, fraudsters may have believed they were operating in obscurity, attempting to launder the card details of millions of unsuspecting victims. Thanks to our cutting-edge cyber technology, we can now assemble the pieces of this puzzle, which strengthens trust among banks, their customers, and the entire digital ecosystem.”
This innovative technology analyzes transaction data from billions of cards and millions of merchants at previously unimaginable speeds, enabling Mastercard to identify new and complex fraud patterns. The use of generative AI-based predictive technology has allowed the card company to double its detection rate of compromised cards, cut the rate of false positives by 200%, and improve the speed of identifying at-risk merchants by up to 300%.
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