MasterCard has rolled out a comprehensive decision and fraud detection service, known as Decision Intelligence, to increase approvals for genuine transactions and mininise false declines.
The new technology leverages machine learning technology to boost approvals for genuine transactions and deliver overall better consumer shopping experience.
Based on intelligent analysis, the Decision Intelligence provides a predictive score to the issuer, which is incorporated into their existing fraud mitigation efforts. Otherwise, issuers can activate the holistic MasterCard tool, which makes data-driven, real-time decisions tailored to the account, including defined alert and decline thresholds.
The smart technology of Decision Intelligence tests how a specific account is used over time to detect normal and abnormal shopping spending behaviours. In doing so, it leverages account information such as customer value segmentation, risk profiling, location, merchant, device data, time of day, and type of purchase made.
This is the first use of artificial intelligence, which is being implemented on a global scale directly on the MasterCard network.
MasterCard president of enterprise risk and security Ajay Bhalla said: “We are solving a major consumer pain point of being falsely declined when trying to make a purchase.
“By using AI technology on our global network, we’re helping financial institutions and merchants improve approval rates – and the consumer experience.”