Mastercard and Visa are using artificial intelligence (AI) to help detect and prevent credit card fraud. The AI systems analyze patterns in credit card transactions to identify potential fraud. Mastercard’s AI system has helped the company approve more legitimate transactions while declining fewer valid purchases. Visa’s AI system has helped the company reduce fraud rates by double digits. The AI systems are able to detect fraud more quickly and accurately than traditional fraud detection methods. However, the companies still rely on human analysts to review and approve the AI’s decisions. The use of AI in fraud detection is expected to grow as the technology continues to improve. The companies are also exploring the use of AI in other areas, such as customer service and marketing.