How Major Credit Card Networks Are Using AI to Battle Fraudsters [CNET News]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: CNET News
When it comes to preventing credit card fraud, the companies that issue your credit card and the payment networks they run on -- Visa, Mastercard, Discover and American Express -- do a lot to keep your identity and transactions safe. But is it enough? One way these networks have kept your transactions secure for the better part of the last decade has been by leveraging artificial intelligence, or AI, and machine learning programs. However, as fraud protection advances, so too do the tools and scams fraudsters use to obtain your information. Total fraud losses in the US reached $10 billion in 2023, according to the Federal Trade Commission , a 14% increase over fraud losses in 2022. Credit and debit cards had a combined loss of $466 million in 2023, according to the FTC's Consumer Sentinel Network book . The report lists identity theft as the most prevalent form of credit card fraud. Despite these daunting numbers, there are ways you can help protect your card information from
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