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Mastercard is elevating its fraud detection capabilities by integrating generative AI into its Decision Intelligence tool, enabling the analysis of a trillion data points to assess the likelihood of a transaction being authentic.
The existing Decision Intelligence tool facilitates the evaluation and secure approval of 143 billion transactions annually. The newly introduced Decision Intelligence Pro leverages generative AI to evaluate the relationships among various entities connected to a transaction, gauging its level of risk. In under 50 milliseconds, this technology refines the Decision Intelligence score, providing banks with more precise data.
Mastercard asserts that initial models demonstrate an average 20% improvement in fraud detection rates, with instances of up to a 300% enhancement. This advancement aims to assist banks in safeguarding cardholders from fraudulent activities while minimizing false positives, where legitimate transactions are inaccurately flagged.
Ajay Bhalla, President of Cyber and Intelligence at Mastercard, commented, “With generative AI, we are transforming the speed and accuracy of our anti-fraud solutions, deflecting the efforts of criminals, and protecting banks and their customers. Supercharging our algorithm will improve our ability to anticipate the next potential fraudulent event, instilling trust into every interaction.”
Mastercard is leveraging GenAI across various applications, including a recently unveiled retail assistant tool designed to provide personalized product recommendations to shoppers.
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