Kim Dow experienced a fraudulent charge on her REI Co-op Mastercard, which prompted a prompt response from Mastercard's fraud department. Despite advancements in credit card safety, fraud persists. To combat this, Mastercard has deployed AI technology that scans around 160 billion transactions annually, utilizing machine learning algorithms to detect unusual activity in real-time. This system aims to reduce false positives and improve fraud detection, as highlighted by industry experts who recognize AI's capability for pattern recognition beyond human capacity, making it essential for modern fraud prevention strategies.
Though credit card safety technology has advanced in recent years with multi-factor authentication and EMV chips, fraud situations like Dow's still happen.
Mastercard has incorporated some form of machine learning algorithms to monitor transactions in real-time and detect unusual patterns such as multiple failed logins and large or sudden withdrawals.
AI enables real-time detection of suspicious transactions by identifying patterns and anomalies impossible for human analysts to spot at scale.
Mastercard's newest AI-powered fraud detection system features technology that scans nearly 160 billion transactions every year.
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