PURCHASE, N.Y.—Mastercard is reporting it has introduced an AI-based product suite designed to address the growing threat of scams.
The effort also includes several cross-industry partnerships.
The new efforts to boost security are being made at the same time new data from the FBI show Americans lost $12.5 billion to internet scams in 2023.
In the U.K., fraudsters were responsible for nearly 1.4 million thefts during the first half of 2023, other data indicate.
To combat the threat, Mastercard said it has launched “Scam Protect,” which it described as a suite of specialized tools powered by AI, biometrics and open banking, which help identify and prevent scams whether they are card-based, account-to-account, or fraudulent account openings.”
“The payments firm is also working with Verizon, combing its identity insights with the U.S. telco's network technologies to more accurately block spam and scammers,” Finextra reported.
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