What is The News About?

The new tech scans more retailers’ and customers’ transaction data faster than ever before, spanning billions of cards. Mastercard is notified of new and intricate fraud tendencies in this way. It can safeguard future transactions from new threats using Mastercard’s generative AI-based prediction technology by:

Increasing the rate of compromised card detection by twofoldDetecting illegal transactions using potentially compromised cards with up to 200% fewer false positivesAchieving a 3000% improvement in the detection rate of potentially hacked or at-risk merchants.

The above data has been taken from the website of Mastercard.

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Why Is It Important?

Mastercard now notifies banks more promptly and accurately when a card is likely to have been compromised, thanks to these improvements. After that, the card can be deactivated and replaced. Further trust can be established by continuously monitoring attempted transactions on the compromised card to prevent fraud and strengthen cyber security.

This most recent update strengthens Mastercard’s security offerings by incorporating state-of-the-art generative AI capabilities. With Cyber Secure, users have had access to a foundation of accessible cybersecurity data on online profiles of banks and merchants in the payment industry, including details of potentially compromised cards, since 2020. Malware, spyware, and other covert methods like card skimming enable fraudsters to obtain millions of payment card numbers. They post a portion of the 16-digit numbers on illicit websites to sell this data to other criminals. As a result of improvements made by cyber security industry leader Mastercard, banks may now stop compromised cards with much greater speed by predicting their full card details on its network.

According to Johan Gerber of Mastercard, the criminals may have felt they could get away with it since they were trying to steal credit card information from millions of people who weren’t paying attention. Nevertheless, he emphasized that their cyber technology is second to none, allowing them to finally solve the puzzle and restore faith in financial institutions, consumers, and the entire digital ecosystem.

Benefits

1. Faster Fraud Detection: Mastercard’s new technology identifies compromised cards quicker, enhancing security and protecting against potential fraud attempts.
2. Reduced False Alarms: By using advanced AI, Mastercard detects illegal transactions with fewer false alarms, ensuring accurate fraud prevention.
3. Improved Merchant Protection: With a significant increase in detecting at-risk merchants, Mastercard strengthens cybersecurity, safeguarding transactions and customer trust.

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[To share your insights with us as part of editorial or sponsored content, please write to sghosh@martechseries.com]

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