Mastercard has introduced a new AI-powered solution intended to help financial institutions combat payment fraud and scams in real time, ahead of any potential currency abuse.

A statement made by the financial services provider on July 5 said the artificial intelligence powering the ‘Consumer Fraud Risk’ solution has educated itself using years of transaction data obtained through partnerships with financial institutions in the UK. .

The technology is capable of making a prediction about whether or not a user is attempting to transfer money to an account that has previously been connected to authorized auto-payment frauds by analyzing the data. According to the revelation made by Mastercard’s President of Cyber ​​and Intelligence, Ajay Bhalla, in the past it has been a great challenge for banks to identify these types of frauds.

The objective is to make use of AI so that financial institutions can see situations like this in real time.

According to the official statement, Mastercard said that it has been using AI for improvement for the past ten years. MasterCard believes that this is a fundamental technology. Mastercard says that nine of the UK’s leading financial institutions, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo and TSB, have joined forces with the company to implement the solution.

Although the program has only been implemented so far with UK-based banks, Mastercard has said it is now in discussions about growth with a number of customers around the world, including those based in the United States of America, India and Australia. . .