Artificial intelligence news

Mastercard supercharges fraud detection with GenAI

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Mastercard is turbocharging its fraud detection technology with generative AI that can scan a trillion data points to predict whether a transaction is likely to be genuine or not.

The payments giant’s Decision Intelligence tool already helps banks score and safely approve 143 billion transactions a year.

The new Decision Intelligence Pro works by assessing the relationships between multiple entities surrounding a transaction to determine its risk. In less than 50 milliseconds, the technology improves the overall DI score, sharpening the data provided to banks.

Initial modelling shows AI enhancements boost fraud detection rates on average by 20% and as high as 300% in some instances, claims Mastercard.

This should help banks protect cardholders from fraudulent transactions and mitigate false positives, where legitimate payments are incorrectly flagged.

You can read the full article here.

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