ARTIFICIAL intelligence (AI) models are helping credit-card providers detect and block more fraudulent transactions than ever, but the fraudsters are using AI too. Industry players suggest some sharing of once-closely-guarded data may be necessary to stay ahead in fraud detection.

Gross card fraud per US$100 fell to US$0.066 in 2021, from US$0.072 in 2016, according to the Nilson Report, which publishes data on the global card and mobile payment industry.

Part of the reason is cleverer AI-driven models. At American Express, for example, decision science executive vice-president Chao Yuan said AI models are trained using hundreds of factors.