February 10, 2025 - 20:16
In a recent discussion, Sachin Mehra, the Chief Financial Officer of Mastercard, highlighted the growing challenges posed by artificial intelligence in the financial sector. While companies are increasingly leveraging AI to enhance security and streamline operations, cybercriminals are also adopting sophisticated AI technologies to perpetrate fraud.
Mehra pointed out that the rise of AI-driven fraud is a significant concern for financial institutions. As cybercriminals become more adept at utilizing these advanced tools, traditional methods of combating fraud are becoming less effective. This evolving landscape requires a proactive approach from companies to stay ahead of potential threats.
To counteract these risks, Mastercard is investing in innovative technologies and strategies aimed at fortifying their defenses. Mehra emphasized the importance of collaboration within the industry to share insights and develop robust solutions. As both businesses and criminals harness the power of AI, the financial sector must remain vigilant and adaptive to safeguard against this new wave of fraud.
