"Mastercard Doubles Speed of Fraud Detection with Generative AI"

Mastercard has recently announced it is deploying generative AI technology to enhance its fraud detection capabilities. The company said that generative AI enables it to double the speed at which it can detect potentially compromised cards, allowing banks to block them far faster. The company noted that the new technology they developed can scan transaction data across billions of cards and millions of merchants "at faster rates than previously imaginable." It better predicts the full card detail of comprised cards on its network, alerting Mastercard to new, complex fraud patterns. Mastercard said that generative AI-based predictive technology reduces false positives during the detection of fraudulent transactions against potentially compromised cards by up to 200%. Additionally, it increases the speed of identifying merchants at risk of, or already compromised by, fraudsters by 300%.

Infosecurity Magazine reports: "Mastercard Doubles Speed of Fraud Detection with Generative AI"