Mastercard has rolled out a set of AI-powered tools to thwart fraud and data breaches across banks’ ecosystems, particularly to benefit acquirers’ online merchants.
The new Cyber Secure service is based on technology from RiskRecon, a firm Mastercard acquired this year that automatically measures third-party security threats across organizations, Mastercard said in a Friday press release.
Acquiring banks using the new service can help merchants instantly assess their own cyber risk for all consumer and commercial credit and debit products, regardless of brand, according to Mastercard. The service also may help ward off threats to payments and transactions flowing through the internet of things, Mastercard suggested in the release.
Salt Lake City-based RiskRecon launched in 2015 using AI to rapidly scan troves of public information to gauge bank and merchant exposure to risk prior to authenticating transactions.
Bloomberg News
This week Mastercard’s President, Michael Miebach, discussed the company’s AI services in a conference call with analysts to discuss the card network’s quarterly earnings.
“We have developed a broad set of scalable AI capabilities that have been integrated into our network, products and services,” Miebach said, adding that Citibank currently is assessing Mastercard’s AI platform for its ability to offset credit losses.
“(Brazil’s Banco) Itaú and Santander Mexico are using our AI to provide added security for consumers while ensuring good transactions are approved,” Miebach added.
In a Friday press release, Mastercard president of cyber and intelligence, Ajay Bhalla, said the world faces a $5.2 trillion cyber breach problem that’s undermining consumer trust.
“At Mastercard, we aim to stay ahead of fraudsters and to continually evolve and enhance our protection of cyber environments for our bank and merchant customers. With Cyber Secure, we have a suite of AI-powered capabilities that allows us to do just that,” Bhalla said.
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