May 23, 2024 at 06:09AM
Mastercard is integrating artificial intelligence into its fraud-prediction technology in its latest software update to detect compromised credit or debit card numbers quicker, allowing for faster replacement by banks. The update uses patterns and contextual information to identify compromised cardholders sooner, providing proactive alerting and card replacement. The new technology aims to minimize disruptions for consumers and combat the availability of stolen card numbers on the dark web.
From the meeting notes, key takeaways include:
Mastercard is integrating artificial intelligence into its fraud-prediction technology to detect compromised credit or debit card numbers faster and allow banks to replace them before they are used by criminals.
The new software update will utilize generative AI to identify compromised credentials, quickly remedy the situation for affected cardholders, and proactively reach out to banks to provide new cards.
The use of pattern recognition will enable Mastercard to identify potentially compromised merchants or payment processors and replace compromised cards sooner.
The payment networks are looking to move away from static credit and debit card numbers and towards unique numbers for specific transactions, but this transition may take time, especially in the U.S.
Visa Inc. is also exploring changes to credit and debit cards in the U.S. to reduce the use of physical cards and make the 16-digit card number increasingly irrelevant.