• Tue. May 28th, 2024

Visa Introduces New AI-Driven Technology to Combat Fraud

Byeditor

Mar 27, 2024

Visa Inc. is harnessing the power of artificial intelligence (AI) to improve security measures and expand its range of solutions for business clients, with the introduction of three new fraud-prevention technologies. One of these solutions is a new AI technology that will help in detecting and preventing fraud in digital transactions where a credit card is not used, set to be available to clients in the first half of the year. Another solution will focus on real-time account-to-account payments.

In addition, Visa is working on accepting payments that do not involve the use of Visa cards, using its existing Visa Advanced Authorization and Visa Risk Manager solutions. Antony Cahill, global head of value-added services at Visa, emphasized the importance of driving bad actors out of the ecosystem in a recent interview. Last year, Visa reported that it helped in preventing $40 billion worth of fraudulent activity, almost double the amount from the previous year.

Visa’s commitment to investing in generative AI-focused businesses with a $100 million strategy in October aims to support future initiatives that could influence business practices. Other companies like PayPal Holdings Inc. and Mastercard Inc. are also incorporating AI technology to reduce expenses and enhance fraud-detection efforts. PayPal’s Venmo product, for instance, plans to use AI to provide customers with a more customized online shopping experience. Mastercard is offering a risk-detection tool powered by AI to help banks better identify suspicious transactions, ultimately combating fraud.

By editor

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