Inference & Profiling · Company practice
Mastercard aggregates personal information to build fraud and money laundering models
Mastercard lists aggregating some of your personal information to create rules-based or artificial intelligence models that identify past and potential future fraud or money laundering patterns. It says it offers the resulting advanced fraud prevention, anti money laundering and security features to financial institutions, merchants, customers and partners, and uses machine learning to analyze and identify fraudulent or illegal transactions.
Details
- Who
- Mastercard
- What it does
- Aggregates personal information to create rules-based or AI models; uses machine learning on transactions
- Why
- Offer fraud prevention, AML and security features to financial institutions, merchants, customers and partners
Supporting quotations
Aggregate some of your Personal Information to create rules-based or artificial intelligence models to identify past and potential future fraud or money laundering patterns to offer advanced fraud prevention, AML and security features to financial institutions, merchants, customers and partners.
We use machine learning to analyze and identify fraudulent or illegal transactions.
Legal Basis for Processing (where required under applicable law)
Qualifications & exceptions
- Applies to 'some' of your personal information, in aggregated form.
- The features built from the models are offered to financial institutions, merchants, customers and partners.
Not stated here
- The notice does not say which personal information is aggregated.