Mastercard said it has been using AI for “the better part of the last decade” and said today that this is a “foundational technology”
Aimed at helping banks fight payment fraud and scams in real-time prior to any monetary exploits, Mastercard has launched a new artificial intelligence (AI)-powered tool.
The ‘Consumer Fraud Risk’ solution’s AI is trained using years of transaction data received in partnership with banks in the United Kingdom, according to an announcement from the financial services provider on July 5.
Through analysing the data, the system is able to predict whether or not a user is attempting a transfer of funds to an account previously associated with “authorised push payment scams.”
The announcement said that in the past, these types of scams have been “incredibly challenging” for banks to detect, said Ajay Bhalla, the president of cyber and intelligence at Mastercard.
“Their customers pass all the required checks and send the money themselves; criminals haven’t needed to break any security measures.”
He said the goal is to use AI to allow banks to catch such scenarios in real time. According to the official announcement, Mastercard said it has been using AI for “the better part of the last decade” and said today that this is a “foundational technology.”
Including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, nine of the biggest banks in the United Kingdom have signed up with the solution, reports Mastercard.
Mastercard says it is in discussions regarding expansion with various clients around the world, including in the United States, India, and Australia.
Mastercard, in its business model, has had a track record of implementing emerging technologies and Web3 tools.
With the intent to enhance standards of user verification and “reduce the opportunities for bad actors” in the digital asset space, the company announced a Web3 user verification solution in April.
Also, Mastercard, in April, launched an accelerator programme for musicians that required participants to obtain a nonfungible token (NFT) in order to take part.
Also read: How to increase Cyber Resilience in the Third-Party environment?
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