Mastercard Unveils AI-Powered Tool to Strengthen Banks’ Fraud-Fighting Capabilities

According to an announcement from the financial services provider on July 5, the ‘Consumer Fraud Risk’ solution’s AI is trained using years of transaction data received in partnership with banks in the United Kingdom.

Through analyzing the data the system is able to predict whether or not a user is attempting a transfer of funds to an account previously associated with “authorized push payment scams.”

In April, the company announced a Web3 user verification solution with the intent to enhance standards of user verification and “reduce the opportunities for bad actors” in the digital asset space.

Also in April, Mastercard launched an accelerator program for musicians that required participants to obtain a nonfungible token (NFT) in order to take part.

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