Mastercard Uses AI To Identify At-Risk Bank Cards After Data Breach
Mastercard Early Detection System will help banks see which cards are most at risk from a data breach
Mastercard is to offer banks and issuers an AI-assisted tool that can predict which cards are at most risk from a data breach like the one that hit Equifax last month.
The company claims that as many as 3-5 percent of cards are vulnerable from the typical breach but banks need help to identify which are most at risk. Mastercard says it can take as little as nine minutes for stolen card and account details to be used via the Dark Web.
‘Early Detection System’ does this by analysing Mastercard’s network insights alongside internal and external data sources to predict which accounts are likely to be hit.
Card data breach
An alert is sent to the bank with a level of risk, and higher risk accounts are prioritised. Actions can range from monitoring transactions to issuing a replacement card. Mastercard believes its alerts can be issued between six and 18 months faster than conventional systems.
“Knowledge is power, and this service helps banks act significantly faster and with greater precision to stop potential fraud before it occurs,” said Ajay Bhalla, head of enterprise risk and security at Mastercard.
Loading ...“Our card issuers can now proactively target the fraudulent activity resulting from previously breached or hacked data, helping them reduce costs and maintain the best possible cardholder experience.”
Last week, data breaches saw card details at Whole Foods and Sonic Drive-In potentially exposed, while UK retailer CeX admitted in August that some historic information could have been stolen
Earlier this year, Mastercard detailed a credit card complete with a built-in fingerprint sensor to confirm payments.
