Mastercard’s head of artificial intelligence reported a significant increase in fraud attempts, following a series of cyber attacks on prominent retailers.
Greg Ulrich, chief data and AI officer at Mastercard, revealed to City AM that the payments network is constantly under attack by fraudsters, as reported by City AM.
According to Ulrich, Mastercard saw a 40% rise in mitigated attacks during the first quarter of 2025 compared to the same period in the previous year.
Ulrich noted that as attackers employ new technologies to enhance their attacks, these threats are “keeping us on our toes.”
Recent research from Mastercard found that one in four European business owners had been targeted by fraudsters.
This surge in threats coincides with major retailers falling prey to cyber attacks, including Marks & Spencer, which suffered an attack that disrupted online orders and is expected to result in a £300m loss in earnings this year.
City AM reported that a third of UK fintechs are putting customer data at risk of cyber attacks, based on an analysis of 800 firms by Ethihack.
No way to battle fraud without AI
Ulrich described the use of artificial intelligence in fraud as a “two-way battle.”
“We are seeing fraudsters use AI to up their game, be it identity or trying to pose as someone else.”
However, the tech executive emphasized that there is “no way to keep up with fraudsters if you’re not using it.”
Payment giants have fully adopted AI initiatives over the past year. Visa has unveiled “Intelligent Commerce,” a new feature that empowers AI agents to make purchasing decisions on behalf of consumers, tailored to their preferences.
In a parallel development, Mastercard has introduced “Agent Pay,” a service that enables users to interact with an AI assistant or chatbot for customised suggestions and to carry out payments within the dialogue.
Mastercard’s Ulrich highlighted the company’s use of AI in creating “role specific agents” which enhance the efficiency of different worker groups.
The financial services sector has been criticised by consumers for its push towards decentralisation, which has significantly reduced human interaction.
Ulrich emphasised the importance of maintaining a “balance,” which he termed “co-intelligence.”
He portrayed the cutting-edge technology as a “co-pilot.”
“It’s not replacing anything – it is enabling,” Ulrich stated.
