MasterCard Leverages Generative AI To Address Dark Web Challenges
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MasterCard is utilizing generative AI to increase the pace at which it can identify cards that have been compromised.
The company’s updated fraud detection system can predict the complete card information from partial numbers. These partial numbers are showcased on the Dark Web by fraudsters trading stolen card information.
The Technology Reviews Transaction Details Across Many Cards At High Speeds
Johan Gerber, a representative from MasterCard, stated that until now, criminals may have believed they were working in the shadows, trying to clean the card information of numerous unsuspecting victims. With the introduction of generative AI, the firm can now detect any fraudulent activity. This will enhance trust in banking entities, clients, and the virtual world.
The advanced technology operates by reviewing transaction information across countless cards and thousands of merchants at speeds faster than formerly thought possible. In this way, it notifies MasterCard about new, intricate fraud patterns.
This solution intends to address the growing trend of scammers swiping the numbers on payment cards and selling this detail to other fraudsters. They do this by placing some of the 16-digit numbers on illicit websites. The details can be retrieved using many techniques like data breaches, card skimming, and malware.
Two months back, American Express (Amex) warned clients that their card information may have been tampered with after an external party data breach.
MasterCard has previously utilized advanced and developing technologies to boost security practices. In 2018, it revealed the use of biometrics to verify card payments. In 2011, the company announced quantum-resistant protocols to increase the privacy and security of contactless payments.
The AI Technology Doubles The Detection Speed Of Compromised Cards
With generative AI-powered predictive technology, the payment system can lessen the rate of incorrect positive outcomes by 200%, boost the speed of detecting at-risk merchants by 300%, and double the detection speed of compromised cards.
Earlier this week, MasterCard introduced The Pledge Ball, a soccer ball created from recycled football boots. The ball is inscribed with declarations by the football community to foster joint efforts on sustainability before the UEFA Champions League final scheduled on 1 June.
The football displays pledges from supporter groups, UCL icon Gareth Bale, charities, sponsors, players, clubs, and fans. MasterCard partnered with Helen Kirkum, a British artist famous for creating art from reused shoes to make the soccer ball.
MasterCard is an American-based transnational payment card services company. Its headquarters is located in Purchase, New York. It delivers a variety of Payment processing and associated financial services like bookings and travel-related payments.
