The leader of artificial intelligence at Mastercard mentioned that the payment firm has observed a notable rise in fraud attempts, coinciding with a spate of cyber attacks aimed at major retailers.
Greg Ulrich, chief data and AI officer at Mastercard, disclosed to City AM that the network is “constantly under assault” by fraudsters. The payment network recorded a 40% increase in blocked attacks during the first quarter of 2025 compared to the same period last year, Ulrich stated.
As attackers utilize sophisticated technology to carry out their attacks, Ulrich noted that these dangers are “keeping us alert”.
New findings from Mastercard last month indicated that one in four business owners in Europe have fallen victim to fraudsters.
This rise in threats is happening as prominent retailers are targeted by cyber attacks. Notably, Marks & Spencer experienced an incident that interrupted online orders and is expected to lead to a £300 million shortfall in its earnings this year.
City AM recently highlighted that a third of UK fintechs were putting customer data at risk of a cyber attack, according to an analysis of 800 firms conducted by Ethihack.
Ulrich pointed out that the use of artificial intelligence in fighting fraud represents a “two-sided conflict”. “Fraudsters are employing AI to improve their tactics, whether to imitate identities or pose as another individual.” However, he stressed that it is unfeasible to stay ahead of fraudsters without AI.
Over the past year, payment leaders have fully embraced AI initiatives. Visa launched “Intelligent Commerce,” which enables AI agents to make shopping decisions for consumers based on preferences, while Mastercard rolled out “Agent Pay,” allowing users to engage with an AI assistant or chatbot for tailored recommendations and complete transactions during the interaction.
Ulrich mentioned that Mastercard is also leveraging AI for “role-specific agents” to boost employee efficiency. However, the financial services sector has faced backlash for decentralization efforts that reduce human interaction. Ulrich called for a balanced strategy, describing it as “co-intelligence”.
He likened modern technology to a “co-pilot”, emphasizing that “it’s not replacing anything – it is empowering.”
