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Mastercard transforms the fight against scams with latest AI tech

Now more than ever, scammers are taking advantage of the latest technologies like AI to deceive people. According to the FBI, across the United States people lost $12.5 billion to internet scams in 2023 alone. In the UK, fraudsters were responsible for nearly 1.4 million thefts during the first half of 2023 – the equivalent of one every 12 seconds.

To combat the growing threat of scams, Mastercard today announced Scam Protect, a suite of specialized solutions powered by cutting-edge AI technologies, which help identify and prevent scams. Mastercard is also partnering with organizations across the ecosystem to fight scams.

“Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize,” said Chris Reid, EVP of Identity Solutions, Mastercard. “Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world.”