Mastercard has released an artificial intelligence (AI)-powered solution to assist banks in detecting fraud and scams in real time. The 'Consumer Fraud Risk' solution's AI is powered using years of transaction data obtained in conjunction with banks in the United Kingdom, according to a financial services provider release on July 5.
The technology may determine through data analysis whether a user is attempting to transfer money to an account that has previously been linked to "authorized push payment scams."
In the statement, Mastercard's VP of cyber and intelligence Ajay Bhalla said that banks have historically found it "incredibly challenging" to identify these kinds of scams.
Criminals haven't needed to circumvent any security measures because their consumers pass all the necessary checks and transmit the money themselves.
According to him, the idea is to employ AI to enable banks to recognize such situations immediately. In its official statement, Mastercard claimed that it had been utilizing AI for "the better part of the last decade" and called it a "foundational technology."
Nine of the largest banks in the UK, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, have joined up with the solution thus far, according to Mastercard.
The program has so far been available to UK-based banks, but Mastercard said it was in talks to expand with a range of customers around the world, including the US, India and Australia.
Mastercard has a track record of introducing new technologies and his Web3 tools into their business model.
In April, the company announced its Web3 user authentication solution, which aims to improve user authentication standards and reduce "bad actor opportunities" in the digital asset space.
