AI applications helped Mastercard stop almost $20 billion in fraud this year and the company hopes to deter more cybercrimes in 2021 with this month’s launch of its cybersecurity Trust Center for small businesses.

Security is a growing concern for businesses and the financial institutions trying to protect their customers, but a major challenge is that AI and bots aren’t just for bankers. Hackers are automating their attacks with the same technologies FIs are using to streamline operations, Paul Trueman, EVP of product advancement, cyber and intelligence at Mastercard, told Bank Automation News.

The FBI received more than 467,000 cybercrime complaints in 2019, at an estimated loss of $3.5 billion — the highest number of complaints on record. The agency has not yet released 2020 cybercrime data, but Mastercard said it saw a fraud spike in events last year, particularly among small businesses. Trueman estimated that a shocking two-thirds of SMBs have already been targeted, particularly after many switched to online business models with the onset of the COVID-19 pandemic.

“Of course, as soon as they do that, they open themselves up to the risk that they’re no longer dealing face-to-face with people,” Trueman said. “In digital, you’ve got to rely on a lot more of the digital and automated indicators to be able to tell you that this is a good transaction, and that this person can be trusted.”

To help SMBs, the new Mastercard Trust Center offers education on password management and other security staples. The Trust Center, which launched Jan. 12, also offers RiskRecon, an automated tool that assesses the security of business websites. Mastercard in 2019 acquired the tool, which scans websites and alerts SMBs of any potential vulnerabilities and security holes without ever needing administrative access to the site. It automatically evaluates how the site interacts with third parties and whether it has updated certificates and patches.

“We work closely with banks all over the world and they’re as keen to be able to do good automated systems as we are. The challenge is, it’s not just about the automation today but about the automation tomorrow,” Trueman said. “The criminals are getting more tech-savvy and using significant bot tech to attack.”

Bank Automation Ignite, taking place March 2-3, 2021 as a virtual experience, is the event for inspiring automation initiatives and investment in financial services. Formerly the Bank Innovation Ignite conference, this new focus creates an event where financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register for the event at www.BankAutomationIgnite.com.