Visa’s AI-Powered Fraud Prevention Technologies: Driving the Fight Against Financial Crime

By Eleanor Harrison Mar27,2024
Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. is using artificial intelligence (AI) to improve its security measures and offer new solutions for business clients, with the launch of three new fraud-prevention technologies. One of these technologies is a new AI solution that will help detect and prevent fraud in digital transactions where credit cards are not used, set to be available to clients in the first half of the year. Another solution will focus on real-time account-to-account payments.

In addition, Visa is working on accepting payments without 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 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 offers a risk detection tool powered by AI to help banks better identify suspicious transactions, ultimately combatting fraud.

By Eleanor Harrison

As a content writer at newseasoning.com, I infuse flavor into words, crafting compelling stories that captivate and inform our audience. With a keen eye for detail and a passion for creativity, I strive to create content that not only engages but also inspires. Whether I'm concocting a savory blog post or whipping up a spicy product description, I pour my heart and soul into every piece I write. Join me on this flavorful journey as we explore the tantalizing world of content creation together.

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