Mastercard has announced an agreement to buy global threat intelligence firm Recorded Future in a deal worth $2.65 billion.

The acquisition will enable Mastercard to expand its cybersecurity services, integrating the fraud and risk management specialist’s global threat intelligence capabilities into its existing suite of services.

Headquartered in Boston, US, Recorded Future aims to provide real-time visibility into potential threats by analysing a broad set of data sources through a range of technologies, including AI. The data provides insights that aim to help customers mitigate possible cybersecurity threats.

Mastercard currently uses AI to analyse millions of data points that are used to identify potential threats. The credit card firm said that the acquisition will further develop these robust practices, reinforcing its capabilities in cybersecurity and intelligence with a particular focus on the payments arena.

The deal also aims to strengthen and expand Recorded Future’s global reach and customer base. Future currently has around 1,900 customers across 75 countries, including the governments of 45 countries and over 50 per cent of Future 100 organisations.

In 2023, the two firms introduced an AI-supported service that alerts financial institutions when a card is likely to have been compromised. Since the launch of the technology, the service has doubled the rate in which compromised cards are identified compared to the same period of the previous year, Mastercard said.

Recorded Future is being sold by Insight Partners, a private equity firm headquartered in New York. The firm invests in high-growth technology, software, and Internet businesses.

The move comes as cyber-attacks present a growing threat for businesses, with cybercrime projected to cost $9.2 trillion globally in 2024 alone, according to data from Mastercard.

Craig Vosburg, chief services officer at Mastercard, said the partnership with Recorded Future will aim to increase security during and after the payment transaction, to provide “greater piece of mind.”

“Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond,” he added.

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