Mastercard has implemented generative AI technology to improve fraud detection capabilities, doubling the speed of detecting compromised cards and reducing false positives by up to 200%. The new technology scans transaction data across billions of cards and millions of merchants, aiding in predicting fraud patterns and identifying at-risk merchants faster. This solution aims to combat fraudsters stealing payment card numbers and selling them illegally
Mastercard's EVP, Johan Gerber, highlights the enhanced trust in the banking ecosystem through advanced cyber technology, following previous initiatives like biometrics for authentication and quantum-resistant standards for contactless payments. https://www.infosecurity-magazine.com/news/mastercard-fraud-detection/