![Mastercard implementing Gen AI tool to detect potentially compromised cards faster Mastercard implementing Gen AI tool to detect potentially compromised cards faster](https://varindia.com/public/storage/news/2024/05/LCP86nTG82OdRO3PfXhTvQgLRJtTpRZK949CAzRa.jpg)
Mastercard said it expects to be able to discover whether any credit or debit card number has been compromised well before it ends up in the hands of a cybercriminal, thanks to its new fraud protection technology. BY integrating artificial intelligence into its fraud-prediction technology, it will be able to see patterns in stolen cards faster and allow banks to replace them before they are used by criminals.
Johan Gerber at Mastercard says, “Until now fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims. Thanks to our world-leading cyber technology we can now piece together the jigsaw - enhancing trust to banks, their customers and the digital ecosystem as a whole.”
Using generative AI-based predictive technology, Mastercard says it is able to double the detection rate of compromised cards, reduce the rate of false positive results by 200% and increase speed of identifying merchants at risk by up to 300%.
The new technology works by scanning transaction data across billions of cards and millions of merchants at faster rates than previously imaginable.
By doing so, it alerts Mastercard to new, complex fraud patterns.
Mastercard's update comes as its major competitor, Visa Inc., also looks for ways to make consumers discard the 16-digit credit and debit card number.
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