Visa Leads the Way in Fraud Prevention with Advanced Artificial Intelligence Solutions

Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. is using artificial intelligence (AI) to enhance security measures and expand its suite of solutions for business clients. The company has announced three new fraud-prevention technologies that will help drive out bad actors from the ecosystem.

One of these solutions uses Visa’s existing AI technology to detect and prevent fraud in digital transactions where no credit card is physically present. This solution will be available to clients in the first half of the year, and it represents a significant step forward in Visa’s efforts to improve security for its business clients.

Another technology will be used for real-time account-to-account payments, as announced by Visa on Wednesday. This solution will enable businesses to make payments quickly and easily, without having to rely on traditional payment methods like credit cards or checks.

In addition to these advancements, Visa is also working to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions. This move represents a shift away from traditional payment methods, and it reflects a growing trend towards more convenient and streamlined payment processes.

Antony Cahill, global head of value-added services at Visa, highlighted the importance of driving out bad actors from the ecosystem through these new technologies. He noted that last year, Visa helped stop $40 billion worth of fraudulent activity, nearly doubling its efforts from the previous year. To further invest in AI-focused businesses that could reshape business practices, Visa revealed a $100 million strategy in October 2020.

Visa is not alone in leveraging AI to improve security measures and enhance fraud detection capabilities. PayPal Holdings Inc.’s Venmo product now uses AI to provide customers with a more personalized online shopping experience. Mastercard Inc., another competitor of Visa, offers a risk-detection tool powered by AI that helps banks identify and prevent customers from sending money to fraudsters.

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Sophia Reynolds

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