Today, fraudsters increasingly use the latest technology to exploit banks and their customers. Leveraging AI and deepfakes to gain access to sensitive consumer data, fraudsters are becoming more bold and frequent in their attacks.
To mitigate this, leading financial services providers must leverage the same technology to scale up defence strategies.
Mastercard is today positioning itself at the forefront of that defence with the launch of Decision Intelligence Pro (DI Pro), a Gen AI-powered transaction risk assessment tool that works by assessing the relationships between multiple entities surrounding a particular transaction.
The launch comes on the back of its existing Decisions Intelligence (DI) tool, a real-time decision-making solution that helps banks score and safely approve over 143 billion transactions a year.
Decision Intelligence Pro: How it works
Now releasing DI Pro, Mastercard’s upgraded Gen AI tool will scan an unprecedented one trillion data points to predict the likelihood of a genuine or false transaction, all in real-time.
Well, as real-time as Gen AI can scan one trillion data points. The technology takes less than 50 milliseconds to scan data and provide an overall safety score.
Indeed, Mastercard hopes this latest solution will be vital in preventing rising fraud rates, with initial modelling showing that AI enhancements can boost fraud detection rates by 20% on average, and up to 300% in some cases.
Mastercard President of Cyber and Intelligence, Ajay Bhalla, says: “With Gen AI we are transforming the speed and accuracy of our anti-fraud solutions, deflecting the efforts of criminals, and protecting banks and their customers.
“Supercharging our algorithm will improve our ability to anticipate the next potential fraudulent event, instilling trust into every interaction.
“The precision of the solution – achieved by scanning potential points of sale in real-time - has been shown in our own analysis to not only increase accuracy but also reduce the number of false positives by more than 85%.”
The enhancement of Mastercard’s DI will further improve the ability of banks to protect cardholders from fraudulent transactions, mitigating the risk of false positives – legitimate transactions that are incorrectly flagged as suspicious.
Mastercard says DI Pro will be available for banks and financial institutions later on in 2024.