New York, NY – Mastercard is harnessing the power of generative AI to significantly enhance its fraud detection capabilities, doubling the speed at which it can identify potentially compromised cards.
The innovative fraud protection technology can predict full card details from partial numbers found on the Dark Web, where criminals often sell stolen card information.
“Fraudsters may have believed they were operating in obscurity, laundering card details of millions of unsuspecting victims. Our advanced cyber technology now enables us to piece together the jigsaw, bolstering trust for banks, their customers, and the entire digital ecosystem,” said Johan Gerber, Executive Vice President at Mastercard.
This new technology scans transaction data across billions of cards and millions of merchants at unprecedented speeds. By doing so, it alerts Mastercard to new and complex fraud patterns more efficiently than ever before.
With the use of generative AI-based predictive technology, Mastercard has achieved:
- A doubling of the detection rate for compromised cards.
- A 200% reduction in false positive results.
- A 300% increase in the speed of identifying at-risk merchants.