Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. Drives Out Bad Actors with Three AI-Powered Fraud-Prevention Solutions

Visa Inc. is utilizing artificial intelligence (AI) to enhance its security measures and expand its suite of solutions for business clients with three new fraud-prevention technologies. 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, available to clients in the first half of the year. Another technology will be used for real-time account-to-account payments, as announced by Visa on Wednesday. Additionally, the company aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.

Antony Cahill, global head of value-added services at Visa, emphasized the importance of driving out bad actors from the ecosystem through these new technologies. Visa reported that it helped stop $40 billion worth of fraudulent activity last year, nearly doubling its efforts from the previous year. The company revealed a $100 million strategy in October to invest in AI-focused businesses to drive future initiatives that could reshape business practices.

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

Crypto.com is also rewarding Visa cardholders with Apple products as an incentive for using its services. This utilization of AI by Visa is a step towards strengthening security measures and improving the overall experience for its business clients and consumers alike.

In summary, Visa is enhancing its security measures by utilizing artificial intelligence (AI) with three new fraud prevention technologies that will be available soon. Antony Cahill emphasized the importance of driving out bad actors from the ecosystem through these new technologies as they helped stop $40 billion worth of fraudulent activity last year and revealed a $100 million strategy in October to invest in AI focused businesses.

Other companies such as PayPal Holdings Inc., Mastercard Inc., and Crypto.com are also leveraging AI for different purposes like providing personalized experiences or rewarding customers with incentives.

Overall, this utilization of AI by companies like Visa is helping improve security measures while providing better experiences for their clients and consumers alike.

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