Mastercard’s GenAI detects stolen cards swiftly, enhancing security and tackling cybercrime.

Mastercard has upgraded its GenAI technology to better detect stolen cards compromised through spyware, malware, and card skimming. This move aims to bolster Mastercard’s security services and diversify its offerings beyond transaction fees.

Mastercard’s GenAI excels at filling data gaps to identify stolen cards. Criminals often obscure their trails on the dark web, leaving partial account information. GenAI analyzes vast payment data to reconstruct missing card numbers quickly and accurately, enabling issuers to act promptly.

Additionally, Visa has introduced GenAI tools to combat card fraud. Mastercard, however, leads with its advanced approach, partnering with companies to obtain dark web data. GenAI’s ability to process this data efficiently sets it apart, improving accuracy in detecting compromised cards.

Despite some banks’ hesitation to adopt GenAI, fintech companies like PayPal and Klarna are leveraging the technology to enhance services and reduce costs. As GenAI evolves, its adoption in banking is expected to grow, providing robust fraud prevention solutions.