Mastercard, the renowned payments giant, is making leaps and bounds in the field of fraud detection with the introduction of its latest artificial intelligence model, Decision Intelligence Pro. This proprietary AI model aims to empower thousands of banks within Mastercard’s extensive network to effectively identify and combat fraudulent transactions. In an exclusive interview with CNBC, Ajay Bhalla, the President of Mastercard’s cyber and intelligence business unit, shed light on how this groundbreaking AI solution operates.
Mastercard’s Decision Intelligence Pro is built upon a recurrent neural network, a key component of generative AI technology. What sets this model apart is that it has been developed entirely in-house by Mastercard’s cybersecurity and anti-fraud teams. Bhalla emphasized that the company is utilizing transformer models, which harness the power of generative AI. He stated, “It’s all built in-house we’ve got all kinds of data from the ecosystem. Because of the very nature of the business we are in, we see all the transaction data which comes to us from the ecosystem.”
While Mastercard does rely on open-source technology when necessary, the majority of the Decision Intelligence Pro is designed and created internally. The model is trained using data derived from the approximately 125 billion transactions processed by Mastercard’s card network on an annual basis. This extensive dataset enables the AI to analyze the relationships between merchants, allowing it to predict and identify fraudulent activities more accurately. Unlike other large language models such as OpenAI’s GPT-4 and Google’s Gemini, which focus on text-based analysis, Mastercard’s AI institutes a merchant-centric approach to fraud detection.
Mastercard’s dedication to combating fraud through innovative AI solutions reflects their unwavering commitment to ensuring the security and integrity of financial transactions. The Decision Intelligence Pro marks a significant milestone in Mastercard’s pursuit of cutting-edge fraud detection technology. By leveraging their extensive network and proprietary AI model, Mastercard is poised to revolutionize the way banks assess suspicious transactions and guard against fraud.
Other industry leaders have also recognized the power of AI in fraud prevention. Kai-Fu Lee, the CEO of Sinovation Ventures, expressed his admiration for Mastercard’s efforts, saying, “Mastercard’s Decision Intelligence Pro is an impressive example of how AI can be used to safeguard financial transactions. Their approach of utilizing transformer models, combined with their wealth of transaction data, allows for more accurate and real-time fraud detection. This sets a new benchmark in the industry.”
With the constant evolution of technology and the increasing sophistication of fraudsters, Mastercard’s Decision Intelligence Pro is undoubtedly a game-changer in the realm of fraud detection and prevention. As the financial landscape becomes increasingly digitized, the need for robust and adaptive AI models like Mastercard’s becomes even more critical.
Mastercard’s foray into proprietary AI models not only reinforces their position as an industry leader but also demonstrates their commitment to staying ahead of the curve in the fight against fraud. By harnessing the power of AI and developing their in-house solutions, Mastercard continues to drive innovation and shape the future of secure financial transactions.
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