Bloomberg [alt free link]: “Mastercard Inc. is selling a new artificial intelligence-powered tool that helps banks more effectively spot if their customers are trying to send money to fraudsters.  Nine of the UK’s biggest banks, including Lloyds Banking Group Plc, Natwest Group Plc and Bank of Scotland Plc, have signed up to use the Consumer Fraud Risk system, Mastercard told Bloomberg News. Trained on years of transaction data, the tool helps to predict whether someone is trying to transfer funds to an account affiliated with “authorized push payment scams.” This type of fraud involves tricking a victim into moving money into an account falsely posing as a legitimate payee, such as a family member, friend or a business.  The tool comes as UK banks prepare for new rules from the Payment Systems Regulator that will require them to compensate customers affected by APP scams from 2024. Historically banks haven’t been liable for this type of fraud, although some signed a voluntary agreement to pay back victims…”