Mastercard and Visa are using generative AI to fight cybercrime and credit card theft. The two companies see these services as potential sources of revenue to replace shrinking revenue from card swipe fees.
Key Insights
The card networks are applying generative AI to detect compromised cards and bot attacks, using data from the dark web and VisaNet.
Generative AI can fill data gaps, discover fraud characteristics automatically, and use natural language to report findings.
Fintechs and payment tech like PayPal, Klarna, Amazon and Google are using generative AI to reduce staff overhead, develop digital products, and provide customer service.
