Mastercard Speeds Up Card Fraud Detection Using Generative-AI Technology

Mastercard is leading the charge in fighting fraud with their new generative AI technology. By doubling the speed at which potentially compromised cards can be detected, Mastercard is enhancing security for cardholders and the overall ecosystem. Fraudsters often steal payment card numbers through various tactics, but Mastercard’s advanced technology can predict the full card details of compromised cards on their network, allowing banks to block them faster.
Johan Gerber, a spokesperson for Mastercard, emphasizes the importance of this technology in enhancing trust and security. The new AI technology scans transaction data across billions of cards and millions of merchants, alerting Mastercard to new fraud patterns and protecting future transactions from emerging threats.
One of the key benefits of this technology is that it doubles the detection rate of compromised cards and reduces false positives in detecting fraudulent transactions by up to 200%. By increasing the speed of identifying at-risk merchants by 300%, Mastercard is able to alert banks quickly and accurately when a card may have been compromised.
This technology not only helps prevent fraud but also enhances cyber security and instills trust in the digital ecosystem. By continuously monitoring compromised cards and blocking and reissuing them as needed, Mastercard is taking proactive steps to protect cardholders and maintain security in the payment industry. Leveraging cutting-edge generative AI techniques, Mastercard’s new security solutions are setting a new standard in fraud prevention and cyber security.

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