Mastercard jumps into generative AI race with model it says can boost fraud detection by up to 300%
Publishing timestamp: 2024-02-01 01:00:31
Summary
Mastercard has developed a proprietary generative artificial intelligence model called Decision Intelligence Pro to help banks detect fraudulent transactions. The AI model, powered by a recurrent neural network, can improve fraud detection rates by up to 300% in some cases. Mastercard's algorithm analyzes transaction data and predicts fraudulent patterns, allowing banks to assess suspicious transactions in real-time. The technology has the potential to save banks costs associated with assessing illegitimate transactions and can identify future types of fraud. Mastercard has invested over $7 billion in cybersecurity and AI technologies in the past five years.
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