Card fraud significantly impacts both card issuers and merchants, resulting in substantial financial losses annually. Historically, issuers categorize primary account numbers (PANs) based on their risk levels and reissue them to prevent unauthorized transactions. However, this traditional approach can be expensive and often necessitates manual intervention. Mastercard’s Account Intelligence Reissuance streamlines and automates the card reissuance process, enhancing fraud prevention for both physical and digital card skimming.
As the digital economy continues to evolve and new forms of fraud arise, Mastercard has adapted its offerings to safeguard customers and consumers throughout the payment lifecycle. The company’s Decision Intelligence features protect customers and cardholders from fraud across over 159 billion transactions annually. Enhanced by Generative AI (GenAI), these features enable issuers to swiftly assess account, purchase, merchant, and device information, promoting real-time fraud detection.
Advancements in AI and Cybersecurity
Mastercard has established a Centre for Advanced AI and Cyber Technology in Dubai as part of its partnership with the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office. This initiative aims to boost AI capabilities and readiness within the region by applying Mastercard’s technical expertise. The solutions developed at this center are crucial for identifying cyberattacks, data breaches, and fraud, thereby enhancing the security of the digital ecosystem for governments, banks, merchants, and consumers.