PAID POST BY MASTERCARD

Tech

Trust is our business

Trust is our business

trust

No technology is fueling development and innovation to the extent and pace of artificial intelligence. And with good reason. “AI is the new electricity,” says Ajay Bhalla, Mastercard's president of Cyber & Intelligence. “It powers our society and our progress, and is absolutely fundamental to making vital decisions that can impact and shape all of our lives.”

Today, we might associate AI with ride-sharing apps, spam filters and personal assistants on our mobile devices. But dig a little deeper and AI has a much more profound effect that goes unseen.

The technology’s potential, says Bhalla, is limitless.

The foundations for success

AI can do what humans alone cannot. With increased processing capacity and speed, more data can be managed, legitimate transactions approved quickly and securely, and fraud identified before it happens.

Right now, Mastercard is using AI to ensure that the 75 billion transactions that pass through its global network each year are handled quickly, safely and securely. The use of AI protected customers from over $20 billion of fraud in 2019 alone.

Whether you are shopping for groceries or a new car, at a physical store or on your computer or mobile, Mastercard is using AI to deliver the most intuitive consumer experience.

“We are delivering peace of mind for consumers, so they can interact digitally with confidence,” says Bhalla. “That, in turn, enables more business and commerce. At a time of such uncertainty, this is critical.”

“AI is the new electricity. It powers our society and our progress and is absolutely fundamental to making vital decisions that can impact and shape all of our lives.”
How Mastercard is using AI to fight fraud
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Cybersecurity

Building security in the cyber sphere to encourage greater consumer trust in payments and beyond.

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Digital identity

Helping prove people are who they say they are, without compromising on experience.

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Consumer experience

Reassuring consumers that however they choose to transact or interact, it will be safe, secure and convenient.

The importance of trust

As everything moves online and becomes connected, the amount of data we generate grows. By 2025, humans and their devices will be creating an estimated 463 exabytes every day. “Data fuels AI and the more data that is available, the better AI systems will serve consumers, businesses and those that rely on them,” says Bhalla.

But businesses have a responsibility to individuals, one another and society in everything that they do, including how they manage and use data. “Without trust, you cannot do business — more so now than at any other point in history,” says Bhalla. “Mastercard is one of the most trusted brands in the world. And that trust comes when you demonstrate that your stakeholders can rely on you.”

A recent survey revealed that 62% of consumers placed more trust in a company whose AI was understood to be ethical. “Regulation and governance also have a role to play, and they are best developed when government, industry and consumers work together to ensure that the right frameworks are put in place,” says Bhalla.

This page was paid for by Mastercard. The editorial staff of CNBC had no role in the creation of this page.