Mastercard’s New AI Model Boosts Fraud Detection by Up to 300%
Mastercard, one of the world’s leading payment processing companies, recently launched a new artificial intelligence model that can significantly improve fraud detection rates on its network. Mastercard’s Decision Intelligence Pro is an advanced tool that uses generative artificial intelligence to quickly identify suspicious transactions on its network. This feature is powered by a recurrent neural network, which has been developed in-house by Mastercard engineers. The system uses machine learning algorithms to analyze vast amounts of data in real-time and detect any anomalies or inconsistencies that may indicate fraudulent activity.
The proprietary technology behind Decision Intelligence Pro allows it to learn from each transaction it analyzes. This means that over time, the system becomes more accurate and efficient at detecting potential fraud cases. According to Mastercard, banks using this new AI model can improve their fraud detection rates by up to 300%. This level of accuracy can help financial institutions avoid significant losses caused by fraudulent activities while ensuring their customers are protected.
One of the key benefits of using Decision Intelligence Pro is its ability to provide insights into why a transaction was flagged as suspicious. Traditional anti-fraud systems often flag legitimate transactions as fraudulent due to some factors such as location or purchase history. However, with the help of generative AI, Decision Intelligence Pro can analyze these factors more comprehensively and accurately identify suspicious activities.
Another advantage of this technology is its speed and flexibility. The system processes transactions in real-time, allowing banks to respond quickly in case they need further verification from customers or if they need to block any transactions. Furthermore, Decision Intelligence Pro can be easily integrated into existing anti-fraud systems used by financial institutions.
Mastercard’s new AI model has the potential to revolutionize fraud detection in the banking industry. The Decision Intelligence Pro feature is a significant step forward in using generative artificial intelligence to combat fraudulent activities. It allows banks and other financial institutions to quickly and accurately identify suspicious transactions while providing greater insights into why certain transactions were flagged as fraudulent. Ultimately, this technology will help protect consumers’ personal and financial information, ensuring that online transactions remain safe and secure.