Mastercard has introduced a brand new artificial intelligence (AI)-powered solution with the intention of assisting financial institutions in combating payment fraud and scams in real time, ahead of any potential monetary abuses.
An statement made by the supplier of financial services on July 5 said that the artificial intelligence powering the ‘Consumer Fraud Risk’ solution has been educated using years’ worth of transaction data obtained via partnerships with financial institutions in the United Kingdom.
The technology is able to make a prediction as to whether or not a user is trying to transfer money to an account that has been previously connected with authorised push payment frauds by doing an analysis of the data. According to the revelation made by Mastercard’s President of Cyber and Intelligence Ajay Bhalla, in the past it has been great challenging for banks to identify these kinds of frauds.
The objective is to make use of AI so that financial institutions can see situations like this in real time.
According to the official statement, Mastercard said that it has been using AI for the better the last ten years. Mastercard believes that this is a foundational technology. Mastercard claims that nine of the most prominent financial institutions in the United Kingdom, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, have joined forces with the company to implement the solution.
Although the programme has only been implemented thus far with banks situated in the United Kingdom, Mastercard has said that it is now in talks about growth with several customers from across the globe, including those based in the United States of America, India, and Australia.
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