Mastercard Enhances AI Defenses Against Payment Fraud with 60% Boost in Detection

Sep 28, 2024, 10:15 PM

Mastercard is enhancing its AI-powered defenses against payment fraud with new features in the Consumer Fraud Risk solution. These features provide instant risk scores to banks, aiming to target fraud before it happens. Early tests have shown a 60% boost in detecting fraudulent activities. This development highlights the growing role of AI in uncovering scams that traditional methods struggle to catch, such as check fraud. Additionally, authoritative phone data is being used to prevent AI-powered fraud, emphasizing the importance of data security and tech innovation in combating cyber threats. Privacy Tip #414 warns of fraud schemes promising big monetary rewards from AI.