Nine British banks sign up to Mastercard’s new AI tool for tackling scams

Mastercard Inc. is selling a new artificial intelligence-powered tool that helps banks more effectively spot if their customers are trying to send money to fraudsters.

Nine of the UK’s biggest banks, including Lloyds Banking Group Plc, Natwest Group Plc and Bank of Scotland Plc, have signed up to use the Consumer Fraud Risk system, Mastercard told Bloomberg News.

Trained on years of transaction data, the tool helps to predict whether someone is trying to transfer funds to an account affiliated with “authorized push payment scams.”