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Nine British Banks Sign Up to New AI Tool for Tackling Scams

Mastercard is selling an AI tool to detect fraudulent transactions, with nine UK banks signing up. The tool predicts and prevents authorized push payment scams, a type of fraud involving tricking victims into transferring money to false accounts.

1 min read
  • Mastercard is selling an AI-powered tool to help banks detect fraudulent transactions.
  • Nine UK banks, including Lloyds, Natwest, and Bank of Scotland, have signed up to use the tool.
  • The tool predicts whether someone is trying to transfer funds to an account involved in authorized push payment scams.
  • UK banks are preparing for new rules that will require compensation for customers affected by APP scams from 2024.
  • TSB, the first bank to implement the tool, has seen a 20% increase in detection of this type of fraud.
Nine British Banks Sign Up to New AI Tool for Tackling Scams
Mastercard Inc. is selling a new artificial intelligence-powered tool that helps banks more effectively spot if their customers are trying to send money to fraudsters.
BloombergOlivia Solon

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