Mastercard fights fraud with AI
Mastercard has announced that it has created its own AI system, which it claims can increase the effectiveness of fraud detection by 300%. According to CNBC's meeting, the new Decision Intelligence Pro model will help banks in the network to better analyze suspicious transactions in real time.
The new solution is based on recurrent neural networks, which play a key role in generative AI. Decision Intelligence Pro was developed by Mastercard's cybersecurity and anti-fraud experts and uses transformative models to leverage the power of generative AI.
Mastercard notes that their program was trained on data from approx. 125 billion transactions that pass through the company's card network annually. This data helps AI understand the connections between sellers and predict where fraudulent transactions are occurring.
According to Mastercard's estimates, the new decision-making technology can increase the effectiveness of fraud detection by an average of 20%, and in some cases even reach 300%. The company has invested more than $7 billion in cybersecurity and AI technologies over the past five years.
Mastercard expects that their program will help banks save up to 20% on costs related to the evaluation of illegitimate transactions. The true potential of the technology lies in identifying fraud patterns and predicting future types of fraud that are currently unknown in the payments ecosystem.
Answers to questions
What AI system was developed by Mastercard?
Mastercard has developed the Decision Intelligence Pro model, which is their AI system and has the potential to increase the effectiveness of fraud detection by 300%.
What advantages does Decision Intelligence Pro have over other AI solutions?
Decision Intelligence Pro uses recurrent neural networks and transformer models to amplify the power of generative AI, enabling better evaluation of suspicious transactions in real time.
What results did Mastercard achieve using the new AI system?
Using the Decision Intelligence Pro algorithm allowed Mastercard to increase the effectiveness of fraud detection by an average of 20% and even up to 300% in some cases. The company has invested more than $7 billion in cybersecurity and AI technologies over the past five years.
More information
- Mastercard is a payment corporation that provides electronic payment services worldwide .
- Decision Intelligence Pro is an AI system developed by Mastercard to improve the effectiveness of fraud detection in banking transactions.
- AI - An artificial intelligence system used for fraud detection and real-time decision making.
- CNBC is a media company that distributes news, financial data and analytics.
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Discussion of the topic – Mastercard uses artificial intelligence to fight fraud
Payments corporation Mastercard announced its new AI system that will significantly improve fraud detection and change the way banks evaluate transactions.
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