Mastercard Unveils AI Tool to Fight Payment Fraud
Mastercard has introduced a new tool powered by artificial intelligence (AI) to assist banks in combating payment fraud and scams in real-time.
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The solution, called ‘Consumer Fraud Risk,’ utilizes AI trained on extensive transaction data obtained through collaborations with UK banks.
By analyzing the data, the system can predict whether a user is attempting to transfer funds to an account associated with “authorized push payment scams.” These types of scams have historically posed significant challenges for banks to detect, but Mastercard aims to leverage AI to enable real-time detection.
Ajay Bhalla, President of Cyber and Intelligence at Mastercard, highlighted the goal of using AI to empower banks in identifying and preventing such fraudulent activities. The announcement emphasized that Mastercard has been leveraging AI as a foundational technology for nearly a decade.
Several major UK banks, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, have already adopted the Consumer Fraud Risk solution, demonstrating their commitment to enhancing fraud prevention through AI-powered tools.
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