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To beat AI-empowered fraudsters, credit-card providers may need to share data

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Yong Jun Yuan

Yong Jun Yuan

Published Fri, Dec 29, 2023 · 05:00 AM
    • Gross card fraud per US$100 has fallen to US$0.066 in 2021, from US$0.072 in 2016, according to the Nilson Report, which publishes data on the global card and mobile payment industry.
    • Gross card fraud per US$100 has fallen to US$0.066 in 2021, from US$0.072 in 2016, according to the Nilson Report, which publishes data on the global card and mobile payment industry. PHOTO: BLOOMBERG

    ARTIFICIAL intelligence (AI) models are helping credit-card providers detect and block more fraudulent transactions than ever, but the fraudsters are using AI too. Industry players suggest some sharing of once-closely-guarded data may be necessary to stay ahead in fraud detection.

    Gross card fraud per US$100 fell to US$0.066 in 2021, from US$0.072 in 2016, according to the Nilson Report, which publishes data on the global card and mobile payment industry.

    Part of the reason is cleverer AI-driven models. At American Express, for example, decision science executive vice-president Chao Yuan said AI models are trained using hundreds of factors.

    Credit/Debit cardsArtificial IntelligenceFraudVisaAmerican Express

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