Visa Set to Roll out New AI-Powered Fraud Prevention Solutions

Visa announced nan description of its value-added services by introducing 3 caller AI-powered solutions aimed astatine bolstering fraud and consequence prevention.

These additions are portion of Visa’s broad Protect suite, targeting contiguous account-to-account transactions, card-not-present (CNP) payments, and activities beyond its network.

The Protect suite is among astir 200 products nether Visa’s portfolio, covering captious areas specified arsenic Acceptance, Advisory, Issuing, Open Banking, and Risk and Identity.

Leveraging its extended acquisition and a US$10 cardinal finance successful exertion and invention complete nan past 5 years, Visa intends to heighten fraud prevention and web security.

The finance appears to person paid off, pinch Visa blocking US$40 cardinal successful fraudulent activity past year, astir doubling nan magnitude from nan erstwhile year.

In consequence to nan escalating situation of integer fraud, Visa has introduced Visa Deep Authorization (VDA), a solution utilising heavy learning exertion and immense information study to amended CNP costs information without hindering nan personification experience.

Additionally, Visa has expanded nan capabilities of its Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) devices to support non-Visa paper payments, allowing issuers to centralise fraud discovery efforts and trim operational costs.

A notable invention is Visa’s real-time fraud prevention work for contiguous payments, specified arsenic P2P integer wallets and instant costs systems operated by cardinal banks. This work employs heavy learning models to measure transaction risks instantly, aiding financial institutions successful preemptively blocking fraudulent activities.

These caller products are scheduled for merchandise successful nan first half of 2024, pinch readiness varying by marketplace and product.

“Digital payments spell acold beyond completing a waste – we are entering an era of modern commerce wherever winners move fast, AI is essential, experiences are elastic and information is native.

Businesses are looking for partners that tin alteration their ambitions to compete and triumph and we’re proud to beryllium nan trusted partner helping a increasing number of clients do precisely that successful today’s highly competitory environment.”

said Antony Cahill, Global Head of Value-Added Services, Visa.

“Real-time, integer payments are astir ubiquitous, creating a request for information solutions that are transformative and adaptive to nan real-world.

As integer fraud grows successful measurement and sophistication, Visa is keeping gait by bolstering our powerful suite of consequence and fraud solutions done our unmatched exertion invention and AI expertise, and expanding their inferior beyond nan Visa network.”

said James Mirfin, SVP, Global Head of Risk and Identity Solutions, Visa.

Featured image credit: Edited from Freepik