Mastercard’s deployment of generative AI to fight fraud in 2024 has reduced false positives and enhanced fraud detection. 

The payments giant added generative AI to its Decision Intelligence solution, a real-time decisioning tool, in February 2024, according to Mastercard.  

The tool processes 143 billion transactions annually and uses generative AI to scan 1 trillion data points per year, Ken Moore, chief innovation officer at Mastercard, told Bank Automation News. “This enhances fraud detection rates by up to 300% in certain scenarios while reducing false positives by over 85%.” 

In the fourth quarter, Mastercard further boosted its anti-fraud protection efforts with the completion of its acquisition of AI-driven threat intelligence company Recorded Future, according to Mastercard’s Jan. 30 Q4 earnings release. 

“We’ve been deploying AI at scale for well over a decade, so has Recorded Future,” Mastercard Chief Executive Michael Miebach said Jan. 30 during Mastercard’s earnings call. “They leverage AI-powered insights to analyze threat data from every corner of the internet and customers gain real-time visibility and actionable insights to proactively reduce risks.” 

Mastercard joins Visa in its fight against fraud, Visa also invested in its AI-driven fraud-fighting capabilities in Q4.  

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