Mastercard Discusses How to Fight Fraud with Artificial Intelligence
In episode 4 of Tech Lightning Rounds, Beth Kindig goes directly to the source of artificial intelligence expertise and hosts discussions with technologists who specialize in the field. Interviews are held in “lightning round” format, which are rapid interviews with tech experts for immediate depth on each topic.
Mastercard pioneered the idea of electronic payments, and in many regards, was the first “fintech” company in the market. With this follows great responsibility, especially as the Association of Certified Fraud Examiners reported a 42% frequency of fraud across small businesses costing an average of 5% of gross revenues. Mastercard is using artificial intelligence and natural language processing in unique ways to combat fraud and money laundering.
In this podcast, Ann Cairns, Executive Vice Chairman of Mastercard discusses the following ways AI can be used in the financial industry including how to fight fraud:
- AI can detect if someone has taken your phone and is using your banking applications as each person holds a phone unique to them including how a person holds their head and makes key strokes.
- Natural language processing can detect if money is being moved suspiciously and split, or recombined, in unnatural ways. Financial companies, including Mastercard, can light up the movements on a dashboard and track the money as if they were “tracking the spread of a virus” to help fight fraud.
Cairns also discusses how small shopkeepers in emerging markets can access capital to grow businesses and the efforts Mastercard is making to create a more inclusive environment in the financial markets.