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Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

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Mastercard | AP news Image

NEW YORK  — Mastercard said Wednesday that it hopes to detect that your credit or debit card number has been compromised long before it falls into the hands of a cybercriminal.

Mastercard’s most recent software upgrade incorporates artificial intelligence into its fraud-prediction system, which it hopes will allow banks to replace stolen cards before criminals use them.

“Generative AI is going to allow us to figure out where you possibly got your credentials compromised, how we can identify how it happened, and how we can very quickly remedy that situation not only for you, but also for other customers who don’t know they are compromised yet,” said Johan Gerber, executive vice president of security and cyber innovation at Mastercard, in an interview.

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Mastercard | Investopedia Image

Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

Mastercard, based in Purchase, New York, says that 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, allowing it to reach cardholders sooner and replace the bad card.

The patterns can now be applied in reverse, potentially employing batches of faulty cards to identify potentially hacked businesses or payment processors. According to Gerber, pattern identification goes beyond what humans can perform with database queries or other typical approaches.

Billions of stolen credit and debit card numbers are floating on the dark web, ready for purchase by any thief. Most were stolen from merchants in data breaches over the years, but a substantial number were stolen from unwary customers who used their credit or debit cards at the incorrect gas station, ATM, or online shop.

These compromised cards may go undiscovered for weeks, months, or even years. Only when the payment networks themselves dig into the dark web to look for stolen numbers, a merchant discovers a breach, or a criminal uses a card do the payment networks, and banks realize a batch of cards may be compromised.

mastercard

Mastercard | Youtube Image

Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

“We can now actually proactively reach out to the banks to make sure that we service that consumer and get them a new card in her or his hands so they can go about their lives with as little disruption as possible,” Gerber stated.

The payment networks are primarily attempting to transition away from “static” credit card or debit card numbers — card numbers and expiration dates that are used consistently across all businesses — and toward unique numbers for specific transactions. However, that transformation could take years, especially in the United States, where payment technology uptake is typically slow.

While chip cards are currently used in more than 90% of all in-person transactions worldwide, EMVCo, the technological body behind the chip in credit and debit cards, estimates that the proportion in the United States is closer to 70%.

Mastercard

Mastercard | Mastercard Image

Using AI, Mastercard Expects To Find Compromised Cards Quicker, Before They Get Used By Criminals

Mastercard’s announcement comes as its main competitor, Visa Inc., looks for ways to force users to discard their 16-digit credit and debit card numbers. Visa revealed big changes to how credit and debit cards will work in the United States last week, implying that Americans will carry fewer physical cards in their wallets and that the 16-digit credit or debit card number inscribed on each card will become less relevant.

SOURCE – (AP)

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics, Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Supreme Court, Siding With Starbucks, Makes It Harder For NLRB To Win Court Orders In Labor Disputes

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Starbucks | PixaBay Image

Washington: In a decision sparked by a labor dispute with Starbucks, the Supreme Court on Thursday made it more difficult for the federal government to obtain court orders when it suspected a corporation of meddling in unionization efforts.

The justices raised the bar on when a federal court may require worker jobs to be protected during a union organizing drive.

A higher standard, pushed by Starbucks that must be satisfied in most other disputes over court orders or injunctions, was favored by the court unanimously over a provision that some courts had applied to orders requested by the National Labour Relations Board.

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Starbucks | PixaBay Image

Supreme Court, Siding With Starbucks, Makes It Harder For NLRB To Win Court Orders In Labor Disputes

The National Labour Relations Act, which controls the agency, has, the NLRB had contended, permitted judges to issue temporary injunctions for over 75 years if they determined that the requests were “just and proper.” According to the agency, the statute was meant to restrict the power of the courts and does not need it to demonstrate any additional elements.

“Consistent federal standards are important in ensuring that employees know their rights and consistent labour practices are upheld no matter where in the country they work and live,” Starbucks stated after the ruling.

However, Lynne Fox, head of the union representing the workers, claimed that Starbucks should have abandoned the lawsuit as part of its more accommodating stance on union organizing initiatives. When their employers disobey the law, working people have very few options for self-defense. That makes today’s Supreme Court decision especially horrible, said Workers United president Fox.

Starbucks fired seven employees in February 2022 for attempting to organize their Tennessee location. The matter moved through the agency’s administrative procedures while the NLRB won a court order requiring the employer to rehire the employees. Two years may pass during such procedures.

starbucks

Starbucks | AP news image

Supreme Court, Siding With Starbucks, Makes It Harder For NLRB To Win Court Orders In Labor Disputes

Starbucks was ordered to rehire the employees in August 2022 by a temporary injunction issued by a district court judge who concurred with the NLRB. Starbucks appealed to the Supreme Court following the upholding of that decision by the 6th U.S. Circuit Court of Appeals.

According to Workers United, the union organizing Starbucks workers, five of the seven workers are still employed at the Memphis store, while the other two continue involved with the organizing campaign. The Memphis store voted to unionize in June 2022.

As the case proceeded, antagonism between Workers United and Starbucks began to dissolve. The two parties declared in February that they would reopen talks to complete contract agreements this year, and they convened their first bargaining session in nearly a year in late April.

starbucks

Starbucks | PixaBay Image

Supreme Court, Siding With Starbucks, Makes It Harder For NLRB To Win Court Orders In Labor Disputes

According to the NLRB, workers at 437 company-owned U.S. Starbucks cafes have voted to unionize since late 2021, but none of those stores has achieved a labor agreement with Starbucks.

Starbucks said it’s pursuing its goal of obtaining finalized contracts for those outlets this year.

SOURCE – (AP)

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Elon Musk Drops Lawsuit Against ChatGPT-Maker OpenAI Without Explanation

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Musk | AP News Image

SAN FRANCISCO — Elon Musk dismissed his lawsuit against OpenAI just before a scheduled hearing on Wednesday.

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Musk | Euro News Image

Elon Musk Drops Lawsuit Against ChatGPT-Maker OpenAI Without Explanation

Musk sued the San Francisco artificial intelligence business and its CEO Sam Altman in February, accusing them of betraying the ChatGPT maker’s basic goals of serving humanity rather than maximising profits.

In the February lawsuit filed in San Francisco Superior Court, billionaire Musk claimed that when he bankrolled OpenAI’s creation, he reached an agreement with Altman and the president, Greg Brockman, to keep the AI company as a nonprofit that would develop technology for the public’s benefit and keep its code open rather than walling it off for private profit.

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Musk | AP News Image

Elon Musk Drops Lawsuit Against ChatGPT-Maker OpenAI Without Explanation

However, Musk claimed in the complaint that by embracing a tight relationship with Microsoft, OpenAI and its top executives “aflame” that pact and are “perverting” the company’s objective.

Most legal experts believe Musk’s accusations, which revolve around allegations of breach of contract, breach of fiduciary duty, and unfair business practices, are unlikely to succeed in court. Musk’s attorney submitted a notice on Tuesday seeking to dismiss the entire case. There was no explanation for why it was being dropped.

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Musk | AP news Image

Elon Musk Drops Lawsuit Against ChatGPT-Maker OpenAI Without Explanation

Musk’s lawyers and OpenAI did not immediately return calls for comment.

SOURCE – (AP)

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American Investor Martin Shkreli Accused Of Copying And Sharing One-Of-A-Kind Wu-Tang Clan Album

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Martin Shkreli | AP News Image

NEW YORK — Martin Shkreli, an American investor, is facing a new lawsuit for allegedly storing and sharing recordings from a unique Wu-Tang Clan album that he was forced to sell after being convicted of securities fraud in 2017.

PleasrDAO, a cryptocurrency collective, filed the case on Monday after paying Shkreli $4.75 million for the only known copy of the album. The record, “Once Upon a Time is Shaolin,” has remained unreleased to the public, serving as a rare contemporary art piece since it was auctioned off by the renowned hip-hop group in 2015.

PleasrDAO accused Shkreli of violating their agreement by retaining digital copies of the album and circulating them extensively among his social media followers in a lawsuit filed in federal court in Brooklyn, New York.

shkreli

Shkreli | AP News Image

American Investor Martin Shkreli Accused Of Copying And Sharing One-Of-A-Kind Wu-Tang Clan Album

They allude to his recent social media posts boasting of distributing the digital recordings to “thousands of people.” According to the lawsuit, Shkreli played bits of the album during a livestream he hosted on X over the weekend, referring to it as a “Wu tang official listening party.”

Shkreli has not responded to a request for comment.

The lawsuit is the latest twist in a unique record created in protest of music’s devaluation in the streaming era but purchased at auction by Shkreli, a man infamous for inflating the price of a life-saving prescription and his “Pharma Bro” reputation.

shkreli

Shkreli | Coin Base Image

American Investor Martin Shkreli Accused Of Copying And Sharing One-Of-A-Kind Wu-Tang Clan Album

Following his conviction on securities fraud charges, Shkreli was compelled to sell the CD, which came in a hand-crafted silver and nickel casing and included a 174-page leather-bound book.

PleasrDAO stated that it purchased both the physical copy of the record and its digital rights in two transactions, in 2021 and 2024. They stated that Shkreli had erased all traces of the album’s files.

“Any dissemination of the Album’s music to the general public greatly diminishes and/or destroys the Album’s value, and significantly damages PleasrDAO’s reputation and ability to commercially exploit the Album,” the complaint claims.

shkreli

Shkreli | SF Gate Image

American Investor Martin Shkreli Accused Of Copying And Sharing One-Of-A-Kind Wu-Tang Clan Album

As of last month, the record was on its way to Australia’s Museum of Old and New Art, which announced that it would begin hosting private listening sessions this week showcasing chosen album tracks.

SOURCE – (AP)

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