Summary: As cybercrimes continue to rise globally, including a surge in India, where digital payment fraud alone reached INR 276 crore in FY23, the role of Artificial Intelligence (AI) in cybersecurity becomes crucial. Through AI, organizations can enhance threat detection and response capabilities, minimize damage caused by cyberattacks, and safeguard sensitive data. Mastercard, a leading financial technology company, is at the forefront of pioneering cybersecurity through technology, driving new thinking and approaches to protect an evolving ecosystem from physical to digital spaces.
Mastercard leverages AI in various domains, including cybersecurity, personalization, and digital identity platforms. The company’s AI-powered solutions have already saved over $35 billion in fraud globally in the past three years. Additionally, Mastercard is a prominent cyber assessment solution provider, covering more than 14 million entities. By integrating AI into their fraud assessment ecosystem and exploring cutting-edge work in behavioral biometrics, Mastercard aims to preempt and prevent fraud, ensuring a safe and secure payment experience for all.
To address evolving cyber threats, Mastercard’s AI-powered innovations focus on fraud detection, malware detection, intrusion detection, scoring risk in networks, and behavioral analysis. These use cases enable the company to continuously enhance its security posture and stay ahead of emerging threats. By analyzing data from various sources, including social media and the dark web, AI can predict and prevent cyberattacks. Mastercard’s dedicated team, AI Garage, integrates data from acquisitions and external sources to develop innovative intelligence, ensuring consumer security remains a priority.
Mastercard’s commitment to AI extends beyond payments, aiming to empower people with new digital tools while protecting systems, reputations, and delivering peace of mind to customers and partners. With AI as a powerful tool to fuel progress, Mastercard ensures that the technology is harnessed while understanding and minimizing associated risks. By staying at the forefront of AI innovation, development, and adoption, Mastercard continues to enhance payment security and services, making a significant impact in the field of cybersecurity.
The source of the article is from the blog crasel.tk