Mastercard has unveiled its new AI system designed to combat banking fraud. Known as the Consumer Fraud Risk (CFR) system, it analyzes customer behavior and identifies any suspicious transfers, subsequently blocking them. The company has begun implementing this technology in various British banks.
Several banks, including Lloyds Bank, Halifax, Bank of Scotland, Natwest, Monzo, and TSB, have either already implemented the CFR system or have plans to do so. In fact, TSB conducted a four-month test of the system and estimated that the UK could save £100 million in fraud losses if all banks adopted the Mastercard AI system.
Mastercard has confirmed that the remaining UK banks will switch to the CFR system by the end of 2023. Furthermore, the company is actively working on spreading this technology worldwide. According to Mastercard, implementing the CFR system will help banks and payment operators reduce fraud losses, enhance customer trust, and improve the overall user experience.