About Mastercard
Mastercard is a technology firm in the global electronic payment industry responsible for processing electronic payments, through its full range of payment programs and services. It partners with various institutions worldwide to connect different participants in various types of transactions, including businesses, financial institutions, merchants, and consumers using its branded electronic payment cards. It provides various financial services in more than 210 countries and territories, and its branded credit cards and debit cards are accepted by more than 37 million businesses worldwide. By modernizing payments, improving access to capital and providing innovative, digital services, Mastercard empowers businesses of all sizes to build and grow their operations.
The company's new advanced AI model, Decision Intelligence Pro, allows banks to better assess suspicious transactions on its network in real-time and determine whether they're legitimate or not. Mastercard has unveiled a new approach to identify compromised payment cards, leveraging a combination of generative artificial intelligence and graph technology. As malicious actors seek new ways to exploit technology, Mastercard is using generative AI to double the speed at which it can detect potentially compromised cards, further protecting cardholders and securing the ecosystem.
Why AI Security is Critical for Mastercard
For Mastercard, AI and AI Security are fundamental to protecting the integrity of global payment systems and maintaining trust in digital financial transactions across billions of transactions worldwide. Called "Scam Protect," Mastercard is using AI to fight AI. By combining its identity, biometric, and other security technologies, the company is combating the use of AI to deceive consumers. The technology enables Mastercard to alert banks more quickly and with greater accuracy. Attempted transactions on the compromised cards can be continuously monitored to mitigate fraud and enhance cybersecurity. Using its AI capabilities and its unique network view of account-to-account payments, Mastercard is helping banks predict and prevent payments to scams of all types.
In collaboration with Decoded, Mileva has delivered internal technology education to executives and wider teams at Mastercard on AI and other emerging technologies since 2023. Harriet has delivered more than 100 workshops for Mastercard, in partnership with Decoded. As just one example, in October 2023, Mileva created and delivered a novel session on emerging AI risks at a Mastercard conference in Bangkok, tailored specifically for executives across the Asia Pacific region. Led by Harriet Farlow, this session was strategically designed not only to inform but also to provoke deeper strategic thinking around AI security. The session uniquely featured compelling deepfake demonstrations, vividly highlighting real-world phishing threats and other practical cybersecurity risks associated with AI. Harriet curated the keynote content meticulously to resonate with and captivate the specific audience present, ensuring both engagement and impactful learning outcomes. Attendees praised the session for its remarkable relevance, depth of insight, and memorable delivery. Despite a high-profile keynote from entrepreneur Jo Malone at the same event, Harriet’s presentation was widely acknowledged by participants as a standout highlight of the conference.
