Posted 3/6/2024, 6:05:00 PM
Mastercard Ramps Up AI to Combat Sophisticated Fraud in Online Shopping
- Mastercard is using AI and spending billions to combat increasingly sophisticated fraud through an "arms race" with criminals also using AI
- Tools like recursive neural networks and generative AI help Mastercard analyze transactions and better predict fraud
- New tactic "synthetic identity theft" creates fake IDs while "tumbler attacks" hide money origins
- Mastercard's new tool scans 1 trillion data points in under 50 ms to detect fraud, increasing detection rates up to 300%
- With e-commerce fraud projected to top $48B globally by 2023, Mastercard sees AI as essential to staying ahead of fraudsters