Wednesday, May 22, 2024 As fraudsters increasingly leverage technology for malicious purposes, Mastercard is harnessing the power of generative AI to enhance its detection capabilities, effectively doubling the speed at which it identifies potentially compromised cards. This advancement bolsters the protection of cardholders and strengthens the security of the entire ecosystem. Fraudsters illicitly acquire millions of payment card numbers using methods like spyware, malware, and card skimming.
They often attempt to sell this stolen data to other criminals, showcasing parts of the 16-digit card numbers on unauthorized websites. As a leader in cybersecurity, Mastercard has improved its ability to predict the complete details of these compromised cards across its network. This allows banks to block such cards much more quickly than before.
“Until now fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims. Thanks to our world-leading cyber technology we can now piece together the jigsaw – enhancing trust to banks, their customers and the digital ecosystem as a whole,” said Johan Gerber at Mastercard. The new technology enhances Mastercard’s ability to scan transaction data across billions of cards and millions of merchants at unprecedented speeds.
This capability allows it to detect new and complex fraud patterns more effectively. Developed by Mastercard, this generative AI-based predictive tec.
