Mastercard has developed its own AI system, which it says can improve fraud detection by 300%. CNBC writes about this.
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The company's development will allow banks to better assess suspicious transactions in their network in real time and determine their legality.
Mastercard’s own algorithm is trained on data from approximately 125 billion transactions annually passing through the company’s card network, Mastercard noted.
According to Mastercard estimates, the new decision-making technology can increase fraud detection efficiency by 20%, on average, and in some cases even reach 300%.
The company has invested more than $7 billion in cybersecurity and AI technologies over the past five years.
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