Mastercard has announced that it will integrate generative AI into its decision intelligence (DI) platform to combat the rise in financial fraud. This enhancement redefines the landscape of consumer protection within payment networks, leveraging advanced technology to prevent fraud from using increasingly sophisticated techniques to undermine bank security and customer safety. Overtake your teacher.
Mastercard’s DI, a pioneering real-time decision-making solution, currently facilitates the secure approval of 143 billion transactions annually. With the introduction of generative AI, system capabilities are poised to take a quantum leap forward. This new technology aims to sift through a staggering 1 trillion data points to identify the legitimacy of transactions. This represents a significant advancement over Mastercard’s existing framework, which analyzes account details, purchase data, merchant information, and device identifiers in real-time to ensure transaction integrity.
The next version, called Decision Intelligence Pro, promises to take the fraud detection process to new heights. DI Pro can determine the risk level of a transaction in less than 50 milliseconds by examining the complex relationships between the various entities involved in the transaction. This rapid assessment not only improves the overall DI score provided to banks, but initial models suggest it can improve fraud detection rates by an average of 20%, and by as much as 300% in certain scenarios.
Highlighting the transformative potential of generative AI, Ajay Birla, President of Cyber and Intelligence at Mastercard, said: client. By enhancing our algorithms, we improve our ability to predict the next potential fraudulent activity and instill trust in every interaction. ”
One of the critical challenges in digital transaction security is the issue of false positives, where legitimate transactions are incorrectly flagged as fraudulent. It is expected that this problem will be significantly alleviated by enhancing DI with AI. Mr. Bhalla emphasized the accuracy of the solution, which is achieved by scanning potential points of sale in real-time. This “not only improves accuracy, but our own analysis shows that it reduces the number of false positives by more than 85%.”
The rollout of DI Pro is scheduled for later this year and represents a major step forward in the fight against financial fraud. For small business owners, this development is especially relevant. The increased accuracy and efficiency of Mastercard’s enhanced DI system means transactions are more secure for both merchants and consumers. Small businesses can expect a safer and more reliable payment environment, as they are often susceptible to fraudulent transactions and false positives. This advancement promises to not only protect profits but also increase consumer confidence, a key element for the sustainability and growth of small businesses in an increasingly digital marketplace.
As Mastercard prepares to implement this cutting-edge technology, it will have major implications for the payments industry and beyond. In an era where digital transactions are widespread, ensuring their security is of paramount importance. Mastercard’s efforts represent significant progress in building a more secure and reliable future for both consumers and businesses, and strengthen the company’s position at the forefront of payment security innovation.
Image: Mastercard
