Mastercard believes in human role for AI fraud and risk-related decisions

While automated machine-driven processes, machine learning (ML), and artificial intelligence (AI) are increasingly important in providing fraud and risk management as well as better cybersecurity in the financial services sector. However, Mastercard believes that there will still be some areas where human interaction will need with the machines. Matthew Driver executive vice president and head of services at Mastercard APAC said in an interview that they do believe that humans will continue to play an integral role along with the technology. There is a need for human reviews and oversight in several stages as we increase the number of areas where we apply tools. But in the control system and system design, it is quite critical to think like that.

Matthew Driver further said that Mastercard believes in the application of automated tools and the roles of humans to be complementary. So the humans have the ability to make reviews manually. And humans can help move these decisions to rules or embed them into models with experience. He further added that, unlike humans, machines are not able to deduct or attribute causality. So there will be always new area areas where technology will be needed and Artificial intelligence and Modelling will be applied. And there is a constant need for these technologies to have a human connection in governance and design. The driver said in interview that Mastercard is actively implanting AI throughout the organization. Also, Mastercard is forcing substantial results in terms of operational efficiency as well as accuracy. He further explained that they have various applications running based on Artificial Intelligence across many disparate functions. These functions include removing the need for repetitive tasks with robotics process automation tools, anomaly detection in expense reporting for audit purposes, improvement of natural language processing systems to help in areas like talent management and developmental training and improving the quality of their financial forecasting across the globe. These applications are improving precision, according to the driver. And he thinks that with the applications, Mastercard manages its own business. The driver said that for almost 10 years Mastercard has been using AI capabilities. So the AI technology is built into the core of its network. He further added that with the help of AI technology they have helped many banks to save around $14 billion globally since 2018. They are helped in preventing criminal attacks on the banks.

Furthermore, they have created some tools. With the help of these fraud tools they can know about the criminal and their evolving tactics thus it is becoming increasingly sophisticated. Explaining about the payment ecosystem he said that it is still experiencing increment in ransomware. And small business is facing challenges like the bigger end of the town. Many organizations don’t have an IT manager, cyber specialist and cyber team. Payments and cads are critical lifelines for many small businesses. And many businesses don’t have sufficient access to security expertise, especially in a progressively connected digital economy. Therefore they can’t guarantee if they are sufficiently protected or not.

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