Artificial Intelligence & Machine Learning , Finance & Banking , Fraud Management & Cybercrime

How AI Is Helping Banks Spot Scammers

Mastercard's Johan Gerber on Collaborative AI, the Importance of a Layered Approach
Johan Gerber, executive vice president of security and cyber innovation, Mastercard

Collaborative AI - the process of one AI model learning from another - is one of the most effective ways for financial institutions to fight the sophisticated techniques fraudsters use for scams, said Johan Gerber, executive vice president of security and cyber innovation at Mastercard.

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"When you look at the volume of transactions, AI is really the only option on how you can deal with a large quantity of data and the complexity of scams. AI can get intelligence from Mastercard's large breadth of transactions. Banks can then lay this on top of their deep knowledge of their customer behavior," Gerber said.

Gerber insists that aside from leveraging AI, banks also need to follow a layered approach to combat scams. "It all starts when somebody opens up an account. I have to make sure that the identity is not a stolen set of credentials. Then when transactions happen, I need to look if it is normal for the consumer. And then at the receiving end, I need to see how the account has been set up, its typical behavior."

In this video interview with Information Security Media Group, Gerber discussed:

  • The latest trends in financial scams;
  • How generative AI can help banks fight scams;
  • A layered approach to tackling scams.

Gerber leads security and cyber innovation at Mastercard and serves on the company's management committee. In this role, he oversees Mastercard’s product and solution strategies for cybersecurity, financial crime, online credential management and dispute resolution.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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