May 22, 2024 5:23 pm
Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

In recent years, Visa Inc. has been using artificial intelligence (AI) to enhance security measures and expand its suite of solutions for business clients. The company has announced the launch of 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, providing an additional layer of security for businesses and their customers.

Another technology will be used for real-time account-to-account payments, as announced by Visa on Wednesday. This will allow businesses to make payments quickly and securely without the need for physical cards or other forms of payment.

In addition, Visa aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions. This will provide businesses with even more flexibility and convenience when it comes to making payments.

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 emphasized that these advancements are essential for ensuring a safe and secure payment environment for businesses and consumers alike.

Visa reported that it helped stop $40 billion worth of fraudulent activity last year, nearly doubling its efforts from the previous year. The company also revealed a $100 million strategy in October to invest in AI-focused businesses to drive future initiatives that could reshape business practices.

PayPal Holdings Inc., a competitor of Visa, is also leveraging AI to cut costs and enhance fraud detection capabilities through its Venmo product. Mastercard Inc., another competitor, is offering a risk-detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters.

Crypto.com is rewarding Visa cardholders with Apple products as an incentive for using its services, further highlighting the utilization of AI by financial companies today.

Overall, Visa’s use of AI is a step towards strengthening security measures and improving the overall experience for its business clients and consumers alike.

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