Decision Intelligence Pro
Payment giant MasterCard announced that it has built a new advanced artificial intelligence (AI) model, Decision Intelligence Pro, that is capable of detecting fraudulent transactions. The company stated that this will allow banks to better assess suspicious transactions on their network in real-time, determining whether they’re legitimate or not.
Generative AI
“We are using the transformer models which basically help get the power of generative AI,” Ajay Bhalla, MasterCard’s president of the cyber and intelligence business unit, told CNBC in an exclusive interview earlier this week.
Generative AI models use neural networks to learn new patterns in data and generate new content. Once trained, the neural network can generate similar content based on the data it was trained on.
Cardholder Behavior Sensor
You might be wondering how generative AI could be used to prevent fraudulent activities. Unlike the conventional algorithms that depend on text input, MasterCard’s algorithms use the
history of the cardholder’s merchant visits and determines whether this was a possible store that the cardholder could go to.
To find the odds of the above-stated incident occurring, the algorithm generates pathways through MasterCard’s network and finds the answer in the form of a score.
A high score would mean that it is normal behavior or that the card is used by an authorized cardholder, while a low score would mean that it’s out of pattern. This process all happens in just 50 milliseconds, according to MasterCard.
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