Credit card scammers beware; MasterCard is now using generative AI technology to detect compromised credit card numbers much faster in an attempt halt the popular form of fraud before any charges are made.
The use cases for generative AI are nothing if not expansive. While it started out with a simple chatbot in ChatGPT, the technology has evolved substantially, rolling out to virtually every online platform for everything from sales forecasting to voice assistants.
The technology is now being used to bolster cybersecurity, which could be bad news for hackers around the world. That is, if they don’t use it for themselves.
MasterCard Announces Generative AI to Detect Fraud
MasterCard has announced that its cybersecurity is getting a serious shot in the arm in the form of generative AI. The credit card company will now use the groundbreaking technology to more quickly identify fraud, so that cards can be secured swiftly after they’ve been compromised.
“Until now fraudsters may have thought they were operating in obscurity, seeking to launder the card details of millions of unsuspecting victims. Thanks to our world-leading cyber technology we can now piece together the jigsaw – enhancing trust to banks, their customers, and the digital ecosystem as a whole.” – Johan Gerber at Mastercard.
According to MasterCard, the technology detects these stolen credit card numbers “by scanning transaction data across billions of cards and millions of merchants at faster rates than previously imagined.”
Does AI Actually Help Detect Credit Card Fraud?
We know what you’re thinking: How does technology that can create a headshot or help write a cover letter assist with cybersecurity?
It’s all about analyzing patterns. When hackers steal credit cards, they’ll usually post a few of the numbers to entice third-parties to purchase them. This technology can now reportedly deduce the number in question before it’s been revealed, allowing MasterCard to shut it down before a fraudulent purchase has even been made.
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So does it actually help? According to MasterCard, the results are substantial, doubling the rate of detection, reducing false positives by 200%, and increasing speed of detection by 300%.
Generative AI in Cybersecurity
It’s reassuring to see businesses using generative AI technology in a way that protects customer data rather than just adding chatbots to every platform they can get their hands on. Mostly because there is a good chance that hackers are using it to steal more customer data than ever before, and we’re going to need someone to stand up for us.
The increase in AI scams over the last few years has been substantial, and it’s largely powered by this new technology. From voice matching schemes to celebrity deepfakes, AI has enabled scammers to really unlock their potential and make more and more convincing scams.
Hopefully, companies like MasterCard continue to prioritize security when it comes to combating this quickly evolving trend, but if the number of AI errors is any indication, we won’t hold our breath.
