Artificial intelligence in the fight against fraud, Mastercard introduces innovative protection.
The Mastercard payment system announced that it has developed its own AI system, which, according to it, can increase the efficiency of fraud detection by 300%.
This was reported by CNBC.
The company told CNBC that its new advanced artificial intelligence model, Decision Intelligence Pro, will allow banks to better assess suspicious transactions on their network in real time and determine whether they are legitimate or not.
Ajay Bhalla, president of Mastercard’s cybersecurity and intelligence business unit, told CNBC that the new AI solution is a patented recurrent neural network that is a key component of generative AI.
Decision Intelligence Pro is built in-house by Mastercard’s cybersecurity and fraud teams and uses transformational models to amplify the power of generative AI.
In some cases, Mastercard relies on open source “when necessary,” but “most” of the technology is created in-house, Bhalla added.
Mastercard’s proprietary algorithm is trained on data from approximately 125 billion transactions that pass through the company’s card network annually, Mastercard said.
According to Mastercard, the new decision-making technology can increase fraud detection efficiency by 20% on average, and in some cases even 300%.
The company has invested more than $7 billion in cybersecurity and AI technologies over the past five years.
