credit card AI

How AI will change your credit card behind the scenes

Many companies are starting to implement Artificial Intelligence (AI) within their services. Whenever there are large amounts of data involved, AI offers a way to turn that pile of data into actionable insights.

And there’s a big chance that our data are somewhere in that pile, whether they can be traced back to us or not. In this blog we’ll look at the different ways in which credit card companies are planning to use AI.

Two of the major credit card companies, MasterCard and Visa, made announcements this month on how they will use AI in the near future.

Mastercard announced the introduction of generative AI for earlier detection of credit card fraud.

Johan Gerber, executive vice president of security and cyber innovation at Mastercard, said:

“Generative AI is going to allow to figure out where did you perhaps get your credentials compromised, how do we identify how it possibly happened, and how do we very quickly remedy that situation not only for you, but the other customers who don’t know they are compromised yet.”

Generative AI models learn the patterns and structure of their input training data and then generate new data with similar characteristics.

There’s an enormous amount of stolen credit and debit card details available on various marketplaces, some of which aren’t even on the dark web. These details come from many different data breaches, and they can go unnoticed for extended periods of time. Analyzing the data and spotting patterns in the abuse can help the credit card company identify and inform affected customers before the criminals actually use the card.

VISA, on the other hand, said it will use AI to tailor a better shopping experience. This, it says, will allow it to share more information about customers’ preferences based on their shopping history with retailers.

VISA will require consumer consent for sharing the required information. According to VISA CEO Ryan McInerney, consumers will have the option, through their bank app, to revoke access to their information.

And last but not least, American Express Global Business Travel revealed in February that it started an AI initiative to improve efficiency. As one of the early results it reported it has reduced customer call times by about a minute.

All in all, credit card companies are gathering data to predict our behavior. They are not the only ones, for sure, but they do have access to some information that most people are not prone to share freely, our finances.

Sure, less time spent being held up by that slightly less annoying chatbot, or a warning about a compromised credit card before the abuse happens, that sounds great. But an online store guessing what I am likely to purchase isn’t something I’m so keen on—about the same level of spooky as targeted ads.

Does increased efficiency outweigh the cost of handing over our data? What we’d like to see are improved security AND ease of use. Let us know how you feel in the comments below.

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Pieter Arntz

Malware Intelligence Researcher

Was a Microsoft MVP in consumer security for 12 years running. Can speak four languages. Smells of rich mahogany and leather-bound books.