Visa Inc.: Leading the Way in AI-Based Fraud Detection and Prevention Solutions

Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. is utilizing artificial intelligence (AI) to enhance its security measures and provide more solutions for its business clients. The company has recently introduced three new fraud-prevention technologies, including a new AI technology that will help detect and prevent fraud in digital transactions where a credit card is not used, set to be available in the first half of the year. Another solution will focus on real-time account-to-account payments.

In addition to these solutions, Visa is also working on accepting payments that do not involve 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 prevent $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 plans to use AI to provide customers with a more customized online shopping experience while Mastercard is offering a risk-detection tool powered by AI to help banks better identify suspicious transactions, ultimately combating fraud.

Leave a Reply