Mastercard has developed a new generative AI fraud detection tool, called Decision Intelligence Pro (DI Pro), powered by a recurrent neural network. It analyzes cardholders’ purchasing histories and scans data points to predict transaction authenticity in less than 50 milliseconds. Initial modeling suggests a potential 20-300% boost in fraud detection rates. The tool is expected to be implemented later this year.
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Mastercard’s AI Fraud Detection Tool
Mastercard is set to roll out a powerful new generative AI fraud detection tool later this year called Decision Intelligence Pro (DI Pro). The tool, developed in-house by Mastercard’s cybersecurity and anti-fraud teams, is trained on billions of transactions to predict fraudulent activities in real-time.
Key Features of DI Pro:
- Powered by a recurrent neural network to analyze cardholders’ purchasing histories
- Scans a trillion data points in less than 50 milliseconds to predict transaction legitimacy
- Expected to boost fraud detection rates by an average of 20%
- Anticipates potential fraudulent events to protect banks and customers
- Reduces false positives by more than 85%
Value for Middle Managers:
For middle managers in the financial sector, implementing AI solutions like DI Pro can significantly reduce operational costs related to fraud detection. The tool’s ability to improve fraud detection rates and minimize false positives will streamline the assessment of legitimate transactions, saving both human and financial resources.
Practical AI Solutions for Your Company
If you’re looking to leverage AI to stay competitive and enhance your operations, consider the following practical steps:
Practical Steps:
- Identify Automation Opportunities: Locate key customer interaction points that can benefit from AI.
- Define KPIs: Ensure your AI endeavors have measurable impacts on business outcomes.
- Select an AI Solution: Choose tools that align with your needs and provide customization.
- Implement Gradually: Start with a pilot, gather data, and expand AI usage judiciously.
For AI KPI management advice and continuous insights into leveraging AI, connect with us at hello@itinai.com. Stay tuned on our Telegram or Twitter for more insights.
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