Fraudsters have become increasingly sophisticated in utilizing technology for their malicious activities. In response, Mastercard has capitalized on the advancements in generative AI to bolster its detection capabilities, effectively doubling the speed at which it can identify potentially compromised cards. This breakthrough plays a crucial role in safeguarding cardholders’ sensitive information and reinforcing the overall security of the payment ecosystem.
Mastercard has developed an innovative generative AI-based predictive technology that enhances the protection of future transactions against emerging threats. This technology enables the company to scan transaction data across billions of cards and millions of merchants at unprecedented speeds, empowering it to detect new and complex fraud patterns more effectively.
By utilizing state-of-the-art generative AI techniques, this latest advancement significantly strengthens Mastercard’s suite of security solutions. Since 2020, Mastercard’s Cyber Secure service has played a vital role in establishing a transparent baseline of cybersecurity information for banks and merchant online profiles within the payment ecosystem, including data on suspected compromised cards.
Mastercard’s proactive approach to combatting fraud and implementing cutting-edge technology underscores its commitment to protecting the integrity of the payment ecosystem. The company’s ongoing efforts to leverage advancements in AI and machine learning are instrumental in staying ahead of evolving fraud tactics and providing cardholders with peace of mind when making digital payments.
