Mastercard Unveils New Artificial Intelligence Solution to Detect Scams in Real-time

Mastercard Unveils New Artificial Intelligence Solution

Mastercard Inc. announced that it has teamed up with nine British banks to combat consumer fraud using a new artificial intelligence solution that can detect scams in real-time and protect customers before money leaves the victim's accounts.

Nine of the biggest banks in the United Kingdom including Lloyds Banking Group Plc, Halifax, Bank of Scotland Plc, NatWest Group Plc, Monzo Ltd. and TSB Banking Group Plc joined Mastercard to use the AI system to catch fraudsters and prevent payment scams.

The solution, known as the "Consumer Fraud Risk" system, builds on Mastercard's own years of work with U.K. banks following the flow of funds from scams and frauds. Scams can include numerous different types of trickery including fictitious online deals, confidence scams and identity fakery where a fraudulent party pretends to be a friend or a family member.

These scammers then use an organized network of "mule" accounts to disguise the flow of pilfered money in order to spirit it away quickly after it's taken from victims. Many of these accounts are split among different banking systems, making it difficult to track. Mastercard has been working on tracking the flow of this scammed money for the past five years forming a framework for its new real-time AI tool.

(QNA)