Mastercard has introduced a new development in artificial intelligence (AI) that promises to revolutionize the fight against fraud in the financial sector. The AI system created by the company, Decision Intelligence Pro, is designed for real-time analysis and assessment of suspicious transactions across the banking network. This system uses cutting-edge artificial intelligence algorithms, including transformer models, to improve the accuracy of determining the legality of transactions. According to Ajay Bhalla, president of Mastercard’s cyber security and intelligence business division, a key element of the new system is a patented recurrent neural network, which is part of generative AI.
The system is trained on a vast amount of data, including information on approximately 125 billion transactions passing through the Mastercard network annually. This ensures high accuracy and efficiency in detecting fraudulent activities. In some cases, the effectiveness of fraud detection can increase by 300%. Mastercard also actively invests in the development of cybersecurity and AI technologies, having spent more than $7 billion on these purposes over the last five years.
This Mastercard initiative highlights the importance of innovation in artificial intelligence for strengthening the security of financial operations and protecting against fraud. Developing proprietary technologies and applying generative AI allow the company not only to enhance the efficiency of its security systems but also to offer banks and their customers more reliable and secure ways of conducting transactions.
