Mastercard’s AI has finally cracked the code to determine whether a credit card is stolen well before the thief can use it. Mastercard reveals that it uses generative AI to keep tabs on credit card use patterns to figure out its theft.
Johan Gerber, Mastercard’s Executive Vice President for Security and Cyber Innovation said, “Until now fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims. Thanks to our world-leading cyber technology we can now piece together the jigsaw — enhancing trust in banks, their customers, and the digital ecosystem as a whole.”
According to a Press Release by Mastercard, it says that with the help of Generative Artificial Intelligence, it can scan transaction data across billions of cards and millions of merchants faster than “previously imaginable.”
The technology reduces the time of fraud detection and also reduces the chances of false positives in case of hacking by 200%.
“Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize. Building on our innovations in AI and key partnerships, we support financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world,” said Chris Reid, executive vice president of identity solutions at Mastercard.
This announcement from Mastercard comes right after they announced “Scam Project,” a product suite and several cross-industry partners to combat the use of artificial intelligence to scam consumers.