Mastercard has launched an AI-powered Consumer Fraud Risk solution in the UK, with nine banks, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB, partnering with Mastercard to combat real-time payment scams. The solution uses AI technology to provide banks with real-time intelligence to identify and prevent fraudulent payments.
Facts
- Mastercard has introduced an AI-powered Consumer Fraud Risk solution in the UK to combat real-time payment scams.
- Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo, and TSB are among the nine UK banks partnering with Mastercard for this solution.
- Over the past five years, Mastercard has been working with UK banks to track the flow of funds through mule accounts created by criminals.
- Mastercard’s AI solution utilizes insights from fund tracing and specific analysis factors, such as account names, payment values, and payer/payee history, to provide real-time intelligence to banks.
- TSB, one of the first adopters of the solution, has experienced a significant increase in fraud detection within the first four months of usage.
- If all banks adopted the technology and achieved similar success to TSB, the amount of prevented scam payments over a year could reach nearly £100 million across the UK.
- Mastercard plans to expand the solution to other international markets while assessing their suitability for scaling the technology.
