Having a card transaction declined at the checkout can be a frustrating and embarrassing occurrence. So much so that it can seriously damage brand loyalty – according to research by Mastercard, a third of us have withdrawn our custom from a retailer due to our cards being refused.
Geographical information is highly useful because not only does it give an overview of the types of transactions which are “normal” for a particular area, it also reveals what patterns of fraudulent activity are associated with it. Again, all of this information is aggregated in real time as it happens.
Forbes also says that building smart, automated systems has been a core strategy at Mastercard for many years, Bhalla tells me, but the acquisition of Brighterion and the incorporation of its technology into Mastercard systems has been a move towards “pure” AI. Many areas of its business, from customer service to anti-money-laundering measures, are set to benefit from an AI overhaul.