Mastercard has unveiled its latest innovation in a groundbreaking move to bolster cybersecurity: advanced generative AI technology that doubles the speed of detecting potentially compromised cards. This significant enhancement is poised to further protect cardholders and secure the financial ecosystem.

The Growing Threat of Card Fraud

With fraudsters continually devising new methods to exploit technology, the threat landscape for payment card security is ever-evolving. Millions of payment card numbers are stolen through sophisticated spyware, malware, and card skimming techniques. These stolen details are sold on illegal websites, putting countless consumers at risk.

Mastercard, a global leader in cybersecurity, has responded to this challenge with cutting-edge generative AI technology. This breakthrough enables the company to predict full card details of compromised cards more accurately and swiftly, allowing banks to block them faster than ever before.

Enhancing Trust in the Digital Ecosystem

“Until now, fraudsters may have thought they were operating in obscurity, laundering card details of millions of unsuspecting victims,” said Johan Gerber, Executive Vice President of Security and Cyber Innovation at Mastercard. “Thanks to our world-leading cyber technology, we can now piece together the jigsaw—enhancing trust for banks, their customers, and the digital ecosystem as a whole.”

Mastercard’s new technology scans transaction data across billions of cards and millions of merchants at unprecedented speeds. It can identify new and complex fraud patterns, ensuring future transactions are protected against emerging threats.

Critical Benefits of Generative AI in Fraud Detection

The generative AI-based predictive technology developed by Mastercard offers several significant benefits:

• Doubling Detection Rate: The technology has doubled the detection rate of compromised cards, providing quicker response times to potential threats.
• Reducing False Positives: False positives during the detection of fraudulent transactions against potentially compromised cards have been reduced by up to 200%.
• Accelerating Merchant Identification: The speed of identifying merchants at risk of or compromised by fraud has increased by 300%.

These advancements mean that Mastercard can alert banks more accurately and quickly when a card is likely to be compromised. This allows for immediate blocking and reissuing of the card and continuous monitoring of attempted transactions to mitigate fraud.

Strengthening Cybersecurity Measures

This latest enhancement, leveraging cutting-edge generative AI techniques, significantly boosts Mastercard’s suite of security solutions. Since 2020, Cyber Secure has been using integrated technology to create a baseline of transparent cybersecurity information on bank and merchant online profiles within the payment ecosystem. This includes details of suspected compromised cards, thereby enhancing overall cyber trust.

Mastercard’s commitment to innovation and security continues to set new standards in the financial industry. With this groundbreaking generative AI technology, the company protects its customers and reinforces its position as a leader in cybersecurity.

Written by: Michelle Warner

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