Mastercard is tapping into its AI capabilities to help a host of UK banks predict and prevent real-time payment scams.
In brief:
-The payments giant has launched its 'Consumer Fraud Risk' technology in the country, using large-scale payments data to help identify scams before funds leave a victim’s account
-Lloyds, Halifax, Bank of Scotland, NatWest, Monzo and TSB are among the nine lenders tapping into the technology. In four months of using the tool, TSB has "dramatically increased" its fraud detection.
-Mastercard is now looking at other markets where it can introduce the technology.
What does this mean?
“Banks have found these scams incredibly challenging to detect.” says Ajay Bhalla, president, cyber and intelligence, Mastercard. “Their customers pass all the required checks and send the money themselves; criminals haven’t needed to break any security measures. As we all live more digital lives this type of fraud erodes victims’ confidence to interact online."
