MasterCard rolls out AI-based fraud prevention solution in MEA region
MasterCard has rolled out its artificial intelligence (AI)-based system, dubbed Decision Intelligence, in the Middle East and Africa
Designed as a comprehensive decision and fraud detection service, Decision Intelligence uses machine learning technology to improve approvals for genuine transactions, reduces false declines and provides better consumer shopping experience.
Contrary to the current decision-scoring products that focus mainly on risk assessment, working within predefined rules, the Decision Intelligence examines how a specific account is used over time to detect normal and abnormal shopping spending behaviours.
From each transaction, the AI uses account information such as customer value segmentation, risk profiling, location, merchant, device data, time of day, and type of purchase made. That score then allows the card issuer to apply the intelligence to the next transaction.
Additionally, the information could be used in specific verticals, including fuel or ATM in real-time to react to potential concerns much faster, reducing operational expenses such as chargebacks.
MasterCard president of enterprise risk and security Ajay Bhalla said: “We are solving a major consumer pain point of being falsely declined when trying to make a purchase.
“By using AI technology on our global network, we are helping financial institutions and merchants improve approval rates – and the consumer experience.”