AI for Cyber Security at Mastercard

Not a week goes by where you do not find a major Data theft story in the news.

This week, CIO is reporting, 3 ways Mastercard uses AI to fight fraud

While awareness is key, it seems to do little good on the prevalence of Cyber Security incidents.

Credit card giant Mastercard envisions a future where consumers make purchases not only from smartphones, but via virtual assistants, cars and other connected machines. But with hackers trolling the dark corners of the web to grab financial gain with minimal effort, Mastercard must also be able to vet and secure purchases in mere milliseconds.

To facilitate its vision for a veritable Cambrian explosion in digital payments, Mastercard is using advanced fraud analytics systems and software, which is being increasingly augmented with artificial intelligence (AI) technologies, Ed McLaughlin, president of operations and technology at Mastercard, tells CIO.com. AI can help software and connected systems facilitate more secure payments than a human checking out at a kiosk using the traditional plastic card — even one with a chip embedded in it.

Mastercard intends to remove, the human being from the loop – to be replaced by powerful artificially intelligent AI, that can spot trends and suspicious transactions.

The challenge, in this approach is that when the hackers do figure out they way to play the system, there will be no fail safe to interrupt them. Increased dependence on automated systems and negligence towards strengthening processes and people is what puts most company’s in a Cyber Security bind.

In my opinion one of the reasons why IT Security is facing this challenge, is fundamentally due to lack of management’s serious commitment. We say Cyber Security is important but in reality it’s not a priority.

Most business will choose internal culture, time, cost or even profits over strict security controls.

However, due to recent events, I do think things are changing and we are heading towards a zero-tolerance and zero-comprise on this issue. A change in our attitude and seriousness is very important if we want to take this challenge on.

It is do able, it is not costly and it should be part of the enterprise architecture and DNA from day one.

I am a Cyber Security professional and a tech enthusiast. Feel free to reach out to me
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