(Photo by Joan Cros Garcia/Corbis via Getty Images)Payments giant Mastercard says it has built its own proprietary generative artificial intelligence model to help thousands of banks in its network detect and root out fraudulent transactions.
The company told CNBC exclusively that its new advanced AI model, Decision Intelligence Pro, will allow banks to better assess suspicious transactions on its network in real-time and determine whether they're legitimate or not.
Ajay Bhalla, Mastercard's president of cyber and intelligence business unit, told CNBC that the new AI solution is a proprietary recurrent neural network — a core part of generative AI — from Mastercard built from scratch by the company's cybersecurity and anti-fraud teams.
"We are using the transformer models which basically help get the power of generative AI," Bhalla told CNBC in an exclusive interview earlier this week.
Mastercard's proprietary algorithm is trained on data from the roughly 125 billion transactions that go through the company's card network annually.
Persons:
Joan Cros Garcia, Corbis, Ajay Bhalla, Bhalla, we've, —
Organizations:
MasterCard, Mobile, Congress, Getty, Mastercard, CNBC
Locations:
BARCELONA, SPAIN, Barcelona, Spain