Mastercard Applies AI to Combat Shopper Fraud

Credit card provider Mastercard has launched a global approach called Decision Intelligence, which uses artificial intelligence (AI) and sophisticated algorithms to detect normal and abnormal shopper spending behaviour.

The new service assesses information such as customer value segmentation, risk profiling, location, merchant, device data, time of day, and type of purchase made - to understand how a specific account is used over time. A predictive scoring system learns from each transaction and applies the intelligence to the next one, to help increase the accuracy of real-time approvals of genuine transactions, and reduce false declines.

Ajay Bhalla (pictured), President of Enterprise Risk and Security, comments: 'We are solving a major consumer pain point of being falsely declined when trying to make a purchase. By using artificial intelligence technology on our global network, we're helping financial institutions and merchants improve approval rates - and the consumer experience'.

Web site: www.mastercard.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.