American payment card service Mastercard is implementing generative AI technology to combat credit card fraud. As one of the largest credit card companies in America, the company believes AI can protect its vast clientele from potential threats. “Mastercard, a world leader in cyber security, is now better able to predict the full card detail of these compromised cards on its network, enabling banks to block them far faster than previously.”, the company revealed on its official website. The company will use AI to scan “transaction data across billions of cards and millions of merchants”. The AI will then alert banks and regulators when a card is suspected to be compromised. Using AI will allow them to predict the complete details of compromised cards, which enables banks to promptly remove these cards from their network. See Related: Sandbox Issues Security Alerts Involving Phishing Scam Emails The company hopes that generative AI will better protect future transactions from emerging threats. Some of the initiatives include doubling the detection rate of compromised cards, reducing false positives during the detection of fraudulent transactions, and identifying at-risk merchants more rapidly. “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,” said Johan Gerber, Executive Vice President of Security & Cyber Innovation at MasterCard.
