Card fraud imposes substantial financial burdens on issuers and merchants, totaling billions of dollars annually. To address this issue, issuers often classify primary account numbers (PANs) based on their risk levels and reissue compromised cards to prevent unauthorized transactions. However, this manual process can be expensive and time-consuming. Mastercard Account Intelligence Reissuance streamlines the card reissuance process, offering automated solutions that enhance fraud prevention for both physical and digital card skimming.
As the digital economy expands, new forms of fraud are emerging. Recognizing these challenges, Mastercard has enhanced its Decision Intelligence features to protect customers and cardholders across 159 billion transactions each year. The latest updates incorporate Generative AI (GenAI), enabling issuers to swiftly analyze account, purchase, merchant, and device information for real-time fraud detection.
Advancements in AI and Cybersecurity
Mastercard is investing in the integration of AI through its Centre for Advanced AI and Cyber Technology in Dubai. This collaborative effort with the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office aims to boost regional AI capabilities and preparedness. The solutions developed at this center are crucial for identifying cyberattacks, data breaches, and fraud, ultimately enhancing digital security across various sectors including government, banking, retail, and consumer protection.
