Mastercard is introducing a new AI model created by experts in the field of cybersecurity and combating financial abuse - Decision Intelligence Pro. It is set to change the way banks analyze and identify suspicious transactions.
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Using data from about 125 billion transactions processed each year through the Mastercard network, the new artificial intelligence system aims to significantly increase the efficiency of detecting financial fraud.
– The new technology can improve fraud detection by an average of 20%, and in some cases even by 300% – emphasizes Ajay Bhalla, President of Cybersecurity at Mastercard.
The technology based on transformer models uses the power of generative artificial intelligence to analyze transaction patterns, deviating from traditional approaches based on large language models. As a result, banks will be able to better assess the legality of transactions in real time, which will help reduce the costs associated with assessing illegal activities.
The Mastercard algorithm is built on advanced AI technologies and uses purchase and transaction history to create something like a "heat radar". According to the company's assurances, it can quickly predict potential fraud, delivering analysis results in just 50 milliseconds. This method not only increases the efficiency of forgery identification, but also allows for the detection of new fraud patterns and trends that may appear in the future.
– The beauty of the Mastercard ecosystem is that we see transaction data from all our customers around the world. This helps us actually spot fraud and patterns across the entire ecosystem – adds Bhalla.
Over the past five years, Mastercard has allocated more than 7 billion dollars for the development of cybersecurity and artificial intelligence technologies, including the purchase of specialist companies such as the Swedish Baffin Bay Networks. The decision to introduce the Decision Intelligence Pro algorithm also speaks to the growing importance of artificial intelligence in the financial sector and the desire to increase the overall level of transaction security with its help.
This initiative also points to a trend in which more and more companies from the payment and digital banking industry are integrating AI with their products. In recent months, for example, Visa – Mastercard's biggest global competitor – has opened its own venture capital fund worth 100 million dollars investing in artificial intelligence projects.
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