Citi, Paysafe tap MasterCard’s artificial intelligence tool to combat fraud
Citi and Paysafe have implemented MasterCard’s artificial intelligence (AI) tool, known as Decision Intelligence, to protect customers in UK
Decision Intelligence leverages AI technology to help financial institutions increase the accuracy of real-time approvals of genuine transactions and slash false declines.
Compared to current decision-scoring products that concentrate primarily on risk assessment working within predefined rules, Decision Intelligence takes a broader view in assessing, scoring and learning from each transaction. That score then allows the card issuer to apply the intelligence to the next transaction.
In order to identify normal and abnormal spending behaviours, MasterCard’s AI technology inspects how a specific account is used over time. During this process, the AI uses account information such as customer value segmentation, risk profiling, location, retailer, device data, time, and type of purchase to ensure a better picture is available to issuers so they can make more informed decisions.
MasterCard said that the AI tool will be deployed in additional markets in the near future.
Citi head of fraud analytics for UK consumer and IPB Elif Kayhan said: “MasterCard Decision Intelligence has provided us with a solution that will increase the efficiency of fraud alerts and increase our fraud detection rate, helping us to ensure we are providing our clients the highest security against cyber-crime.
“We believe that this product will increase our fraud detection capabilities significantly and we look forward to working closely with MasterCard on this new venture.”