Mastercard introduces its groundbreaking AI-driven solution to tackle the rising threat of real-time payment scams. By leveraging advanced AI capabilities and its extensive network view of account-to-account payments, Mastercard collaborates with nine UK banks, including TSB, Lloyds Bank, and NatWest, to identify and intercept fraudulent transactions in real-time.
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The AI solution analyses large-scale payment data, incorporating factors like account history, payment values, and transaction patterns to detect suspicious activity in real time. By examining factors like account names, payment values, and payer history, Mastercard’s AI solution empowers banks to intervene promptly and prevent scam payments before they occur.
Among the early adopters of Mastercard’s Consumer Fraud Risk tool, TSB reports a significant increase in fraud detection within a short period. The potential impact across the UK banking sector is substantial, with TSB’s results suggesting potential savings of nearly £100 million annually if other banks replicate its performance
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Fraudsters increasingly employ impersonation tactics, targeting individuals and businesses to deceive them into transferring funds under false pretenses. Mastercard’s AI-driven approach aims to restore trust in digital transactions by proactively identifying and blocking fraudulent payments. With fraud prevention strategies tailored to different scan types, including purchase scams and romance scams, banks can mitigate losses and protect customers from financial harm.
Mastercard’s long-standing expertise in AI technology has been instrumental in developing robust cybersecurity solutions, preventing over $35 billion in fraud losses over the past three years. By rolling out Consumer Fraud Risk in the UK first, Mastercard capitalizes on its experience in tracing and combating financial crime within the country’s real-time banking system.
The success of Mastercard’s AI-powered solution underscores the importance of collaboration between financial institutions and technology providers in addressing evolving fraud threats. As Mastercard expands the deployment of consumer fraud risk to additional markets, the fight against real-time payment scams enters a new era of proactive detection and prevention.
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