So, what does all this data mean for us? It can streamline our lives, tailor services to our needs, and even help thwart cyberattacks. However, all this information is just noise without a way to interpret it, which is why artificial intelligence (AI) has emerged as an essential tool across industries, paving the way for both business innovation and social impact.
AI’s knack for detecting patterns within vast amounts of data allows it to pinpoint inefficiencies in our processes and catch subtle signs of fraud, as evidenced by Mastercard’s recent success in preventing $20 billion in fraud in 2023 alone through AI-powered solutions.
Fighting Fraud with Generative AI
As generative AI gains traction, it also equips fraudsters with sophisticated tools to carry out their schemes. In October, Rohit Chauhan, Mastercard’s executive vice president for AI Fraud Solutions, shared valuable insights on combating these threats. From crafting digital identities that impersonate real people to more traditional scams, the battlefield is shifting.
In response, businesses are leveraging AI to enhance fraud detection systems. Chauhan elaborates on how generative AI can decipher spending patterns not just at the individual level, but also across the entire market. This advanced approach allows for quicker intervention against fraudulent activities while ensuring that genuine transactions face fewer barriers.
Yet, sometimes the simplest solutions are the most effective. Low-tech strategies like establishing shared passwords or answering personal security questions can foil imposters who pose as loved ones. In a world of growing technology, a shade of human touch might be just what we need.
Boosting Employee Experience Through AI
AI isn’t just a powerhouse in cybersecurity; it also plays a significant role in enhancing the workplace environment. In a discussion from May, Mastercard’s Anshul Sheopuri and Lucrecia Borgonovo revealed how AI can assist employees in navigating their career paths. From aligning talent with projects to optimizing office layouts, AI is reshaping everyday work experiences.
Of course, with the rise of AI comes a wave of questions and uncertainty. The key to overcoming any fear is transparency. Sheopuri and Borgonovo emphasize the company’s dedication to ethical AI practices, saying: “We view AI as a partner on our journey to improve the employee experience, and we work hard to create opportunities to use it but also to nurture conversations about it.”
Championing Inclusivity with AI
AI has immense potential to instigate positive transformations in underserved communities worldwide—from improved healthcare outcomes to accelerated disaster response. The challenge lies in ensuring that AI tools reach those who need them most. In September, leaders from various sectors gathered at the Mastercard Center for Inclusive Growth’s annual Impact Data Summit to explore strategies for responsibly scaling AI initiatives for social good.
As we look ahead to 2024, it’s exciting to consider how AI will continue to evolve and shape our lives. These innovations promise vast improvements in efficiency, security, and inclusivity, but they also come with an obligation to implement them thoughtfully.
The AI Buzz Hub team is excited to see where these breakthroughs take us. Want to stay in the loop on all things AI? Subscribe to our newsletter or share this article with your fellow enthusiasts.
