Mastercard has launched a new artificial intelligence -power tool which is aimed at helping banks fight payment fraud and scams in real-time prior to any monetary exploits.from the financial services provider on July 5, the ‘Consumer Fraud Risk’ solution’s AI is trained using years of transaction data received in partnership with banks in the United Kingdom.
Ajay Bhalla, the president of cyber and intelligence at Mastercard, said in the announcement that in the past these types of scams have been “incredibly challenging” for banks to detect. He said the goal is to use AI to allow banks to catch such scenarios in real time. According to the official announcement, Mastercard said it has been using AI for “ the better part of the last decade” and said today that this is a “foundational technology.”
In April, the company announced a Web3 user verification solution with the intent to enhance standards of user verification and “reduce the opportunities for bad actors” in the digital asset space.
Ajay Bhalla, the president of cyber and intelligence at Mastercard , said in the announcement that in the past these types of scams have been “incredibly challenging” for banks to detect.
Mastercard has launched a new artificial intelligence (AI)-power tool which is aimed at helping banks fight payment fraud and scams in real-time prior to any monetary exploits.