Citi, Paysafe turn to artificial intelligence to battle fraud
Citigroup and digital payments provider Paysafe are offering customers stronger fraud protection through artificial intelligence tools on the Mastercard network.
Decision Intelligence is first available in the U.K. through Citi and London-based Paysafe, which plans to expand to issuers in other markets in the coming months.
"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," Elif Kayhan, head of fraud analytics in the U.K. for Citi, said in a June 26 press release.
Artificial intelligence is picking up steam across the industry as a way to improve security risk. Decision Intelligence uses artificial intelligence technology to help financial institutions increase the accuracy of real-time approvals of genuine transactions and reduce false declines.
Current decision-scoring products are focused primarily on risk assessment, working within predefined rules. Decision Intelligence essentially takes a broader view in assessing, scoring and learning from each transaction. That score then enables the card issuer to apply the intelligence to the next transaction, the companies said.
The technology is a core feature of the Mastercard Enhanced World Elite platform, and is an option available to Mastercard issuers globally.
"Trust is a currency in itself," Johan Gerber, executive vice president for security and decision products at Mastercard, said in the release. "Our cardholders want peace of mind and convenience when using their Mastercard, and Decision Intelligence enables issuers to approve more of the genuine transactions traditionally declined, while declining more fraudulent transactions that may previously have been approved.”
Decision Intelligence examines how a specific account is used over time to detect normal and abnormal shopping spending behaviors. In doing so, it leverages account information such as customer value segmentation, risk profiling, location, retailer, device data, time of day, and type of purchase made to ensure a better picture is available to issuers so they can make more informed decisions.