Mastercard has unveiled a new artificial intelligence-powered tool for banks to use in their quest to better understand and prevent real-time payment fraud.
To aid financial institutions in preventing and detecting payment fraud and scams in real time, Mastercard has introduced a new artificial intelligence (AI)-powered tool.
As stated in a press release from the company on July 5th, the ‘Consumer Fraud Risk’ solution utilises artificial intelligence that has been educated using years of transaction data obtained via collaboration with banks in the United Kingdom.
In the announcement, Mastercard’s head of cyber and intelligence, Ajay Bhalla, noted that spotting these frauds has historically been “incredibly challenging” for banks.
As the author puts it, “their customers pass all the required checks and send the money themselves; criminals haven’t needed to break any security measures.”
He said that the deployment of AI will enable financial institutions to detect such events in real-time. In a recent release, Mastercard said that artificial intelligence (AI) has been used inside the company for “the better part of the last decade,” and that it now considers AI to be a “foundational technology.”
Mastercard claims that nine of the largest UK institutions, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, have adopted the solution.
Cointelegraph has reached out to Mastercard for clarification on the company’s use of AI and the company’s Consumer Fraud Risk solution.
Although Mastercard has only implemented the programme with British banks thus far, it is in talks to expand to other countries, including the United States, India, and Australia.
Mastercard is well-known for its history of incorporating cutting-edge technology and Web 3.0 capabilities into its operations.
In April, Mastercard also unveiled an accelerator programme tailored to artists, with enrollment contingent on the possession of a nonfungible token (NFT).
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