Mastercard is using generative AI to double the speed at which it can detect potentially compromised cards.
Mastercard's new fraud protection technology is better able to predict the full card details from partial numbers placed on the Dark Web by criminals selling stolen card details.
Johan Gerber at Mastercard says: “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 to banks, their customers and the digital ecosystem as a whole.” .
The new technology works by scanning transaction data across billions of cards and millions of merchants at faster rates than previously imaginable. In doing so it alerts Mastercard to new, complex fraud patterns.
Using generative AI-based predictive technology the card scheme says it is able to double the detection rate of compromised cards, reduce the rate of false positive results by 200% and increase speed of identifying merchants at risk by up to 300%.
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