3 ways Mastercard uses AI to fight fraud

Mastercard leans on cutting-edge AI tools to combat cybersecurity threats at a time when the world is moving toward digital payments facilitated by contextual commerce.

3 ways Mastercard uses AI to fight fraud
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Credit card giant Mastercard envisions a future where consumers make purchases not only from smartphones, but via virtual assistants, cars and other connected machines. But with hackers trolling the dark corners of the web to grab financial gain with minimal effort, Mastercard must also be able to vet and secure purchases in mere milliseconds.

To facilitate its vision for a veritable Cambrian explosion in digital payments, Mastercard is using sophisticated fraud analytics systems and software, which is being increasingly augmented with artificial intelligence (AI) technologies, Ed McLaughlin, president of operations and technology at Mastercard, tells CIO.com. AI can help software and connected systems facilitate more secure payments than a human checking out at a kiosk using the traditional plastic card — even one with a chip embedded in it.

Tech to replace humans, manage concept drift

"What's most important is to take the human out of the loop, so that they don't have access to personal data at the point-of-sale,” McLaughlin says. "It's about how you use powerful tools around AI to increase cybersecurity and protect consumers."

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