Anti-Money Laundering News and Information

Mastercard taps AI to help banks fight off cyber risks

Mastercard has unveiled an AI-powered suite of tools designed to help banks assess cyber risks across their ecosystem and prevent breaches.

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Drawing on the capabilities of RiskRecon, which Mastercard acquired earlier this year, the Cyber Secure suite’s AI combines multiple public and proprietary data sources.
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Then, it evaluates this data against 40 security and infrastructure criteria, with the impact and importance of each vulnerability analysed to produce a cyber risk rating and issue priority navigator.
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This information can be used by banks to identify and prioritise threats and vulnerabilities as well as to help their merchant clients.
Ajay Bhalla, president, cyber and intelligence, Mastercard, says: “The world today faces a $5.2 trillion cyber breach problem. This is one of the biggest threats to consumer trust. At Mastercard, we aim to stay ahead of fraudsters and to continually evolve and enhance our protection of cyber environments for our bank and merchant customers.
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“With Cyber Secure, we have a suite of AI-powered cyber capabilities that allows us to do just that, ensuring trust across every experience, for businesses and consumers.”

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October 30, 2020, Published on FinExtra

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