As fraudsters look for new ways to exploit technology, Mastercard is using generative AI to double the speed at which it can detect potentially compromised cards, further protecting cardholders and securing the ecosystem.
Fraudsters are stealing millions of payment card numbers through spyware, malware and other clandestine practices such as card theft. In order to sell this data to other criminals, they place part of the 16-digit numbers on illegal websites. Mastercard, the global leader in cybersecurity, is now better able to predict the full details of these compromised cards on its network, allowing banks to block them much more quickly than before.
“Until now, fraudsters may have thought they were operating in the dark, seeking to launder the card details of millions of unsuspecting victims. With our cutting-edge cybertechnology, we can now piece together the puzzle: building trust in banks, their customers and the digital ecosystem as a whole,” said Mastercard’s Johan Gerber.
The new technology works by analyzing transaction data across billions of cards and millions of merchants at speeds faster than previously imagined. In doing so, it alerts Mastercard to new and complex fraud patterns. Thanks to the AI-based generative predictive technology developed by Mastercard, it is able to protect future transactions against emerging threats, by:
- double the detection rate of compromised cards
- reducing false positives by up to 200% when detecting fraudulent transactions on potentially compromised cards
- increasing the speed of identifying merchants threatened or compromised by fraudsters by 300%.
With these enhancements, Mastercard alerts banks more quickly and accurately when a card may have been compromised. The card can then be blocked and reissued. Transaction attempts on the compromised card can be continuously monitored to mitigate fraud and improve cybersecurity, thereby building trust.
This latest enhancement, leveraging cutting-edge generative AI techniques, supercharges Mastercard’s suite of security solutions. Cyber Secure, available since 2020, uses integrated technology to create a baseline of transparent cybersecurity information on the online profiles of banks and merchants in the payment ecosystem, including details of cards suspected of be compromised.
