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Thursday, April 18, 2024

A Robust Tool to Combat Fraud


In the digital age, where online transactions are increasingly prevalent, the threat of fraud looms large for businesses and consumers alike. Visa, a powerhouse in the financial industry, has taken a significant stride in the fight against this pervasive issue by introducing a new suite of AI-powered tools aimed at bolstering digital payments against fraudulent activities.

 by introducing a new suite of AI-powered tools aimed at bolstefraud.
 by introducing a new suite of AI-powered tools aimed at bolstefraud.
fraud.

Visa’s latest innovation comprises 3 AI-enabled solutions, each tailored to address specific facets of fraud prevention. The first tool expands upon Visa’s existing artificial intelligence technology to detect and block fraud in digital transactions where no physical credit card is present. This enhancement is particularly crucial in an era where card-not-present (CNP) transactions are becoming increasingly common.

“This focus on driving bad actors out of the ecosystem is really important,” Antony Cahill, Visa’s global head of value-added services, said in an interview.

The second tool is designed for real-time account-to-account payments, ensuring that as transactions become faster, security measures keep pace. The third solution opens Visa’s Advanced Authorization and Visa Risk Manager products to payments that do not utilize Visa cards, thereby broadening the scope of protection.

Doubling Down on Security

These advancements come at a critical time, as Visa reported helping to block $40 billion in fraudulent activity last year, nearly double the amount from the previous year. This staggering figure underscores the necessity of continuous innovation in fraud prevention mechanisms.

Investing in the Future

Visa’s commitment to leveraging AI extends beyond immediate fraud prevention. In October, the company announced a $100 million investment plan targeting companies focused on generative AI, which could reshape the future of commerce.

 





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