Using AI, Mastercard expects to find compromised cards quicker, before they get used by criminals

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Mastercard, which is based in Purchase, New York, says with this new update it can use other patterns or contextual information, such as geography, time and addresses, and combine it with incomplete but compromised credit card numbers that appear in databases to get to the cardholders sooner to replace the bad card. The payment networks are largely trying to move away from the “static” credit card or debit card numbers — that is a card number and expiration date that is used universally across all merchants — and move to unique numbers for specific transactions. Mastercard's update comes as its major competitor, Visa Inc., also looks for ways to make consumers discard the 16-digit credit and debit card number. Visa last week announced major changes to how credit and debit cards will operate in the U.S., meaning Americans will be carrying fewer physical cards in their wallets, and the 16-digit credit or debit card number printed on every card will become increasingly irrelevant.