Mastercard to Leverage AI for Crypto Fraud Detection

Hello and Namaste Everyone

I wrote an article about chat GPT two weeks back in which I talked about how I am trying to start using the chat GPT application. This is an AI application which is capable of generating the responses. The prompt is a method that we use to give commands to this application and we can say it's an AI chatbot. I have been hearing a lot about the chat GPT for many months but never tried. I'm not too good at technology and it takes a lot for me to learn and get more knowledge about it.

I tried signing up for chat GPT but it did not work because of some issue on the website. My process was complete but I was not getting the OTP to complete the sign-up process. I used Binge search engine to see how it works and it was a good experience. I have not explored it more but trying some time to know more about it.

It is interesting to see that many companies are working on artificial intelligence technology. They are trying to build better products that can help them block the leakage in their business. I also heard that this technology can be used to automate various things in business. Mastercard is a well-known brand that offers payment services through its cards. It is a technology company that provides its payment gateway and card with the collaboration of banks. It's a global company having a presence in most of the countries worldwide.

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Now this company is trying to leverage AI technology to detect fraud in Crypto. They will also be using AI technology to prevent crypto fraud. This is a good use of technology because we have a lot of fraud happening in the Crypto market and if any company can build a solution to minimize it, it's nice. The company has already been working on crypto as they were providing card services to exchanges including Binance. At present, I'm not aware if it is providing those services to the exchange or not but there was a time when Benance was able to offer master cards. Things happen and change in this market because of the market sentiments and rumors about the exchange also could have made things difficult before.

Usually, Mastercard and Visa follow the same business practices so if one company does something then another follows the trend. So we may expect that the visa might come back with a similar announcement soon as the Mastercard is going to leverage artificial intelligence technology. Maybe Visa would have done it before but did not announce and now since Mastercard has announced so no surprise if Visa also does this. Technology is the best person to deal with fraud and prevent such malpractices. Manual interference is never a good idea because human errors are always possible but with technology, things can be improved a lot and it is just one one-time investment in the technology.

Now because artificial intelligence technology has become very popular for individuals we can expect more developments. Chat GPT is very popular and all my friends are using it but it is just me who is late in the race as I have started it now. Most of my friends are using it already and also because their kid's schools are pushing it for some homework. I like the overall experience but there is a lot that I need to use and learn how it works. But it's good that the companies are using AI technology to make innovative solutions and provide better services to the users.

Thank you so much
Stay Safe

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