Mastercard applies AI to stem card reissuance fraud

Editorial

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The service gives banks tools to identify compromised accounts and issue new cards before fraud occurs. It achieves this by automatically assessing the level of risk associated with a card and providing AI-driven recommendations about which cards need to be monitored or replaced.

Issuers often sort primary account numbers (PANs) based on risk level and reissue their compromised cards to prevent further unauthorized transactions. This is costly and requires manual intervention. Mastercard Account Intelligence Reissuance streamlines and automates the process, stepping up fraud prevention efforts addressing both physical and digital card skimming.

Selin Bahadirli, executive vice president, services, Eemea, Mastercard, says: “At Mastercard, we have developed a comprehensive portfolio of fraud products that offer valuable and advanced insights and data. We are delighted to expand our proposition with Account Intelligence Reissuance that goes one step further by allowing issuers to aggregate data, measure risk and prioritize the most compromised cards for reissuance. Powered by our world-class AI technology, this highly accurate solution will significantly enhance credit card fraud prevention and customer protection efforts across the industry.”

Mastercard has been progressively embedding AI into its Decision Intelligence services across the board, with the aim of helping issuers to assess account, purchase, merchant and device information faster, making it easier to detect fraud in real time.

The decision to roll out the new service initially in Eemea follows Mastercard’s opening of an Advanced AI and Cyber Technology in Dubai, established in collaboration with the UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office.

The solution is planned to be rolled out in Asia Pacific, North America and Latin America later this year.