Thanks to artificial intelligence, Mastercard has launched a new solution that helps fight scams in real time. The promising device will first be used in the UK.
Cases of romance scams, purchase scams or identity theft are not lacking and are increasing as digital advances. ” However, the tide is turning “, warns Mastercard. The company behind the famous bank card has just rolled out the service Consumer Fraud Risk (consumer fraud risk), powered by AI. First available from our British neighbours, it should help to urgently warn banks of a scam in real time, even before the money leaves the account of the trapped person.
A growing fight against fraud
As part of the fight against fraudsters, the solution takes advantage of Mastercard’s recent artificial intelligence capabilities and its reputation in account-to-account payments, to help banks predict and prevent different types of scams. .
First, the solution Consumer Fraud Risk will work with banking establishments Lloyds Bank, Bank of Scotland, Halifax, Monzo, NatWest and TSB. The American company will thus use payment data on a very large scale, to identify scams in real time, before the victims are dispossessed of their money.
Typically, cybercriminals funnel funds from mule account scams to others, to disguise their operations. But for the past five years, Mastercard has already worked with UK banks to track the flow of funds from these accounts, and then inform them.
A proven solution
Mastercard’s artificial intelligence uses information from tracking activity and overlays it with other information, such as account names, payer and payee history, payment values, payee links to accounts associated with scams. The solution then provides banks with information to help them intervene in real time.
If we take a use case, Mastercard tells us that in just 4 months, the TSB establishment has considerably increased the detection of scams. On the scale of several banks, the avoided fraudulent payments would amount to more than 100 million euros. Mastercard has planned to extend this solution to other countries in the world, without knowing when France will be able to take advantage of it.
Over the past three years, the company’s AI-powered cybersecurity solutions have reportedly helped stop more than $35 billion in losses.
Source : MasterCard
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