Mastercard has unveiled a new AI-powered tool called 'Consumer Fraud Risk' to help banks combat payment fraud and scams in real-time.

The solution's AI is trained using years of transaction data received in partnership with UK banks, allowing it to predict whether a user is attempting to transfer funds to an account previously associated with "authorized push payment scams."

Mastercard reports that nine of the biggest banks in the UK have already signed up to use the solution. The company is also in discussions regarding expansion with clients in the US, India, and Australia.