Mastercard just introduced Decision Intelligence, a comprehensive decision and fraud detection service. The solution uses artificial intelligence technology to help financial institutions increase the accuracy of real-time approvals of genuine transactions and reduce false declines. This is the first use of AI being implemented on a global scale directly on the Mastercard network.
Current decision-scoring products are focused primarily on risk assessment, working within predefined rules. This radical new approach takes a broader view in assessing, scoring and learning from each transaction. That score then enables the card issuer to apply the intelligence to the next transaction.
Building on other proprietary services, Decision Intelligence is a new way of solving an old problem using sophisticated algorithms to provide a predictive score to the issuer, based on intelligent analysis. They then incorporate that information into their existing fraud mitigation efforts. Alternatively, issuers can activate the holistic Mastercard tool, which makes data-driven, real-time decisions tailored to the account, including defined alert and decline thresholds.
The smart technology behind Decision Intelligence examines how a specific account is used over time to detect normal and abnormal shopping spending behaviors. This tool is a response to the need to focus on protecting payments and combating fraud.
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