Mastercard integrates generative AI to revolutionize its Decision Intelligence
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Card and payments giant Mastercard recently revealed its integration of generative AI (GenAI) techniques meant to revolutionize its Decision Intelligence (DI).
Mastercard to add AI to DI
DI was positioned as Mastercard’s real-time decisioning solution, and as such, it has been a reliable and highly valued part of the company’s technology. It managed to handle 143 billion transactions per year, which is a colossal figure, even for a firm like Mastercard. However, with the introduction of a GenAI solution in the form of Decision Intelligence Pro, Mastercard will be able to take a major leap in predicting the authenticity of transactions.
The new technology will mark a massive breakthrough, as it will allow an average 20% increase in fraud detection rates. Estimates even say that it will reach instances of up to 300% improvement, which was a figure that comes from initial modeling.
Mastercard’s President of Cyber and Intelligence, Ajay Bhalla, commented on the solution, stating that generative AI has the power to transform the speed and accuracy of anti-fraud solutions. As such, it can safeguard banks and their customers by deflecting criminal efforts.
Furthermore, the enhancement of Decision Intelligence is considered both a technological improvement and an important strategic move meant to protect cardholders from potential fraudulent transactions. At the same time, it will help by minimizing the number of false positives, thus reducing the number of cases that need to be manually handled.
Additional benefits of integrating AI
According to Bhalla, the enhanced DI might reduce false positives by more than 85%, which will make a huge difference for the company. In addition to that, the integration of GenAI will further cement Mastercard’s commitment to adopting technological innovations in the payments industry, as well as its commitment to leading the rapidly evolving landscape of financial technology.
By using the power and capabilities of AI, the firm will not only reinforce the robustness of financial transactions — it will also help establish a future in which artificial intelligence, with its capability to analyze vast amounts of data in real time, plays a pivotal role in addressing some of the major security concerns that have existed throughout the history of the payments industry.
And, of course, integrating AI also stands as a beacon of innovation in an industry that is in constant competition with cyber threats. Embracing advanced technologies that can improve both the payment process and security instead of compromising one for the benefit of another has become paramount.
