Mastercard, Network International to launch new AI fraud-prevention solution
Updated 2/9/2023 12:12:00 PM
Arab Finance: MasterCard has partnered with Network International to launch an artificial intelligence (AI) fraud-prevention solution, according to an emailed press release on February 9th.
Pursuant the partnership, Network International will roll out MasterCard's Brighterion AI technology across the region, enabling greater fraud checks when conducting transactions, and allowing merchants to monitor buyers and businesses.
“With its sophisticated Artificial Intelligence, Brighterion learns the warning signs of fraud and alerts acquirers and merchants in real-time to prevent the completion of fraudulent transactions and costly chargebacks,” the statement added.
Payment card fraud losses are expected to reach $49 billion by 2030, according to a Nilson report.
In 2020, 68% of card fraud losses were related to transactions where cards were not physically present, the report said.
Moreover, the release cited McKinsey estimations that “AI technologies could potentially deliver up to $1 trillion of additional value each year”
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