Mastercard is significantly enhancing its fraud detection technology through generative AI, capable of analyzing a trillion data points to assess the authenticity of transactions.
The company’s Decision Intelligence tool currently enables banks to evaluate and approve 143 billion transactions annually. The new Decision Intelligence Pro enhances this capability by examining the connections between various entities related to a transaction, assessing its risk in under 50 milliseconds. This advanced technology refines the overall Decision Intelligence score, providing banks with sharper insights.
Initial modeling indicates that these AI enhancements can improve fraud detection rates by an average of 20%, with some cases reporting increases as high as 300%, according to Mastercard. This advancement is expected to help banks better protect cardholders from fraudulent activities while also reducing false positives, where legitimate transactions are mistakenly flagged.
Ajay Bhalla, president of cyber and intelligence at Mastercard, stated, “With generative AI, we are transforming the speed and accuracy of our anti-fraud solutions, thwarting criminal activities and safeguarding banks and their customers. Supercharging our algorithm will enhance our capability to predict potential fraudulent events, fostering trust in every interaction.”
Additionally, Mastercard is exploring generative AI in various applications, including a recently launched retail assistant tool that provides personalized product recommendations for shoppers.
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