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13 Dec Outsmarting AI fraudsters … with AI

Posted at 08:52h in Blogs by
This week in cybersecurity from the editors at Cybercrime Magazine

–Read the Full Story in Mastercard

Sausalito, Calif. – Dec. 13, 2024

Mastercard reports that cybercriminals are already harnessing generative AI to produce deep-fake videos and uber-personalized phishing messages to steal money or data, and cybercrime is expected to grow to $10 trillion annually in 2025, according to Cybersecurity Ventures.

But this weapon is also a tool, as companies are training AI models to predict and neutralize threats in real time.

Mastercard’s Decision Intelligence Pro uses gen AI to scan 1 trillion data points to predict in less than 50 milliseconds whether a transaction is likely to be genuine or not in less than 50 milliseconds, boosting fraud protection rates by an average of 20 percent and as much as 300 percent in some instances.

In the U.K., Mastercard’s Consumer Fraud Risk solution uses identity elements, AI, and open banking capabilities to detect authorized payment scams and stop them before money even leaves the victim’s account.

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