Published on 23 May 2024 on Zacks via Yahoo Finance

Mastercard (MA) Utilizes AI to Bolster Fraud Detection Skills

Mastercard Incorporated MA introduced a technology advancement in a bid to offer a higher degree of protection for cardholders and assure greater security within the digital payment ecosystem. The new advancement has been built through the utilization of innovative generative AI techniques.

While digitization has been a blessing due to its ease and convenience, the trend to go digital often encourages fraudsters to devise sophisticated methods and technologies to indulge in cybercrimes. Fraudsters make use of spyware, malware and other illegal methods to obtain payment card credentials and sell parts of the 16-digit card numbers on illegal websites. There remains an alarming concern as such attempts compromise payments received by organizations and the confidential data of consumers, and lead to the incurrence of exorbitant costs.