- The company unveiled a tool that is available to banks to collect payment-related information
- It will all happen in real time
- Nine UK banks have now agreed to integrate the solution
Payment giant Mastercard is launching an innovative tool with artificial intelligence for banks to combat payment fraud and scams in real time.
According to a company statement, the Artificial Intelligence-based “Consumer Fraud Risk” solution is trained on a large amount of transactional data obtained in collaboration with British banks over many years. With this information, the system can predict whether a user will attempt to transfer funds to an account that has previously been linked to a fraud.
Mastercard spokesperson, Ajay Bhalla, said that identifying such scams has been difficult for banks in the past. He attributed this to the fact that victims go through all the necessary checks and send the money themselves, and fraudsters don’t even have to break security measures.
He said the main goal of Consumer Fraud Risk is to enable banks to identify such scenarios in real time using AI.</nbsp;
Mastercard has now announced that nine major banks in the UK, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo and TSB, have joined the initiative. Although the program has so far been used in British banks, the company says it is in talks to expand the program with various clients around the world, particularly in the United States, India and Australia.
While the program is still in use in British banks, the company says it is in talks to expand the program to various clients around the world.