April 18, 2017
In CNP payments and fraud prevention, as in other parts of fintech, artificial intelligence has been gaining prominence as a way to power technology that solves a wide range of problems. From a fraud perspective, AI and machine learning have been employed to find patterns in transactional data that make spotting fraud easier. Start Path, a Mastercard accelerator program, announced its spring class and noted three of the five fintech startups are leveraging AI to bring new solutions that will affect digital commerce. Two have applied the technology to CNP activity. One company, Dividio, hopes to enable online installment payments matching customers with a marketplace of lenders. Another, NetPlusDotCom, enables companies to leverage digital payments of all kinds.
“Fintech startups around the world are designing a digital future,” said Amy Neale, vice president of Mastercard Start Path. “They’re bringing a different approach to enhance customer choice and experience across the industry. Our work with these startups helps connect new technology with reliable, secure financial networks and processes to create an even more rewarding and seamless commerce experience.”
The Future of AI Fraud Prevention