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Wednesday, June 30, 2021

Fintech AI Applications

AI and influence on financial moves, large and small.

How AI is Helping Mastercard, Siemens, John Deere   By AI Trends Staff 

AI is having an impact in business, government and healthcare. But nowhere is it having more impact than for the biggest companies with the most resources. 

Advantages big companies have include access to lots of data and funds to buy smaller companies with the expertise to do something innovative and profitable with the data. Each company has had to decide on the best way to leverage AI for their business.   

Ed McLaughlin, Chief Emerging Payments Officer, Mastercard

“The question is how do you use AI right or use it wisely,” stated Ed McLaughlin, Chief Emerging Payments Officer for Mastercard, at the recent EmTech Digital event on AI and big data, as reported in MIT Sloan Review. “The biggest lesson learned is how to take these powerful tools and start backwards from the problem,” McLaughlin stated. “What are the things you’re trying to solve for, and how can you apply these new tools and techniques to solve it better?” 

Mastercard is very focused on fraud prevention, while it wants as many good transactions as possible to go through. Mastercard built a data platform that holds over two billion card profiles and performs analysis tuned for accuracy. Using 13 AI technologies and some rules-based tools, the system makes decisions within 50 milliseconds.   

“We were able to have a three-time reduction in fraud and a six-time reduction in false positives using AI with that graded dataset,” McLaughlin stated.  

Mastercard has been investing in AI for fraud protection for years. Its 2017 acquisitions of technology vendors Brighterion and NuData Security were strategic.   ... " 

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