From the workplace to cyberspace and beyond, where AI is having an impact

It’s the stat that won’t go away: Humanity produces at least 2.5 quintillion — or 2,500,000,000,000,000,000 — bytes of data every day. IBM included this almost unfathomable factoid in a report on Big Data back in 2011, and it’s been cited repeatedly ever since — but think of what has changed since then. We’ve jumped from 3G to 5G, social media usage has skyrocketed and the pandemic pushed many services online, from retail to restaurant ordering to telemedicine and more. 

All this data can help us save time, personalize services and stop cyberattacks. But the information is useless if we can’t make sense of it, which is why AI has become an indispensable business tool and, increasingly, a means for social good. 

Designed to find patterns in reams of data, AI can identify the time-sucking tasks that hinder productivity as well as the subtle transaction anomalies that indicate a stolen account. In fact, in 2023, Mastercard’s AI-powered insights prevented $20 billion in fraud across its network.

Here are the stories from 2024 that illustrate AI’s benefits and potential — and the importance of implementing it responsibly.

Harnessing generative AI to fight fraud

As generative AI goes mainstream, it’s supercharging complex forms of fraud, arming criminals with powerful tools at almost no cost. In October, Rohit Chauhan, Mastercard’s executive vice president for AI Fraud Solutions, offered insights for how companies and consumers can fight back against criminals, such as those create digital twins that mimic humans in order to defraud their family, friends and associated businesses.

Businesses are already countering cyberthreats by using AI to make security tools smarter. Chauhan explains how gen AI can take those efforts even further by decoding spending habits — at the level of the individual and the broader market. These sophisticated fraud models can stop bad actors sooner while letting more legitimate transactions through.

But, he adds, often a low-tech solution works just fine — like using an agreed-upon password or personal question to foil fraudsters who pose as family members. Sometimes the secret is simply to be human. 

Personalizing AI for better employee engagement

AI is the superhero of cybersecurity, but it can also act as its own Clark Kent–like alter ego, plugging away at the office to improve the employee experience. In May, Anshul Sheopuri, Mastercard’s executive vice president for people operations and insights, and Lucrecia Borgonovo, chief talent and organization effectiveness officer, shared how the company is using AI to help employees manage their careers. From matching staff with the right projects to optimizing the use of office space, AI is improving day-to-day experiences and informing career paths.

As an emerging technology, AI sparks questions and concerns — and even fear. Sheopuri and Borgonovo explain that the best way to build trust is to make sure employees understand the company’s commitment to responsible and ethical AI: “We view AI as a partner on our journey to improve the employee experience, and we work hard to create opportunities to use it but also to nurture conversations about it.”

Ensuring AI is inclusive

AI and data hold huge potential for driving positive change in struggling communities worldwide, from better health care outcomes to faster disaster relief to more productive farms. The trick is getting AI into the hands of those who need it the most. In September, leaders from across politics — including multilateral organizations like the United Nations — academics, nonprofits and tech companies shared ways to harness AI responsibly and at scale at the Mastercard Center for Inclusive Growth’s annual Impact Data Summit. 

AI will add $15.7 trillion to the global economy, said Gayan Peiris, a U.N. Development Programme advisor for data, technology and AI, but, he added, only 10% of people will benefit from it: “We need to ensure we build a future where our global south is not just users of AI; they are part of this.”

Cultivating future data talent, developing and implementing responsible regulation to build trust and ensuring public–private collaboration will be critical, panelists said. 

“It’s instructive to look at the lessons learned,” said Jon Huntsman, Mastercard’s vice chairman and president for Strategic Growth, during one panel. “What has [technology] done for humanity? Where has it misfired? What governing structures have been good versus less good? Let history be our guide… The inclusive nature of what we’re embarking on must be part of it. The divisions globally are too profound.”