TL;DR:
- Mastercard adopts generative AI techniques to enhance consumer protection and secure the payments network.
- Decision Intelligence (DI) already approves 143 billion transactions annually, now empowered by generative AI.
- The next-gen ‘Decision Intelligence Pro’ assesses transaction relationships to boost DI scores.
- AI enhancements improve fraud detection rates by up to 300% in some cases.
- Reduces false positives by over 85%, enhancing trust and precision in transactions.
Main AI News:
In the relentless battle against fraudsters, financial juggernaut Mastercard has deployed generative AI techniques as a strategic weapon to fortify the fortress that safeguards consumers and the sprawling payments ecosystem. The company’s Decision Intelligence (DI), a dynamic real-time decision-making solution, already plays a pivotal role in assisting banks in evaluating and securely endorsing a staggering 143 billion transactions annually. Now, with the integration of cutting-edge generative AI technology, Mastercard is set to revolutionize fraud prevention by scrutinizing an unprecedented one trillion data points. This powerful technology is designed to predict the authenticity of transactions, further enhancing Mastercard’s capacity to instantly scrutinize account, purchase, merchant, and device data.
The next-gen marvel, aptly named ‘Decision Intelligence Pro,’ operates by meticulously assessing the intricate web of relationships surrounding each transaction, thereby gauging its inherent risk. Astonishingly, in less than 50 milliseconds, this revolutionary technology elevates the DI score, thus refining the data stream provided to banks. The impact of AI enhancements is nothing short of remarkable, with preliminary models showcasing an average increase of 20 percent in fraud detection rates and spikes as high as 300 percent in certain scenarios.
Ajay Bhalla, the President of Cyber and Intelligence at Mastercard, expressed his enthusiasm for deploying AI in the fight against fraud. He stated, “With generative AI, we are metamorphosing the speed and precision of our anti-fraud solutions, effectively thwarting the nefarious endeavors of criminals while safeguarding the interests of banks and their valued customers. By supercharging our algorithm, we are poised to bolster our ability to proactively anticipate potential fraudulent incidents, thereby instilling trust in every single interaction. The remarkable precision achieved by this solution, achieved through real-time scrutiny of potential points of sale, has not only amplified accuracy but also drastically slashed the occurrence of false positives by an impressive 85 percent.“
The evolution of Decision Intelligence promises to empower banks to shield cardholders from fraudulent transactions and alleviate the burden of false positives – legitimate transactions erroneously flagged as fraudulent. As Mastercard continues to push the boundaries of innovation, the financial industry can rest assured that the battle against fraud is in capable hands, fortified by the prowess of generative AI.
Conclusion:
Mastercard’s integration of generative AI technology into its Decision Intelligence system marks a significant advancement in fraud prevention and transaction security. This move reinforces Mastercard’s commitment to staying ahead of fraudsters, and it is likely to set a new industry standard for enhancing trust and accuracy in the financial market.
