Visa Leads the Way in Combating Fraud: Utilizing AI to Enhance Security Measures and Expand Offerings for Business Clients

Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. is utilizing artificial intelligence (AI) to enhance its security measures and expand its range of offerings for business clients, with the launch of three new fraud-prevention technologies. One of these solutions is a novel AI technology that will assist 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 concentrate on real-time account-to-account payments.

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

Visa’s dedication to investing in generative AI-focused businesses through its $100 million strategy in October aims to support future initiatives that could shape business practices. Other companies like PayPal Holdings Inc. and Mastercard Inc. are also integrating AI technology to reduce expenses and improve fraud detection efforts. PayPal’s Venmo product plans to use AI to provide customers with a more tailored online shopping experience, while Mastercard offers a risk detection tool powered by AI to help banks identify suspicious transactions more effectively, ultimately combating fraud.

Leave a Reply