Visa has introduced a new AI-powered fraud solution called Visa Account Attack Intelligence (VAAI) Score to combat enumeration attacks in card-not-present transactions. The VAAI Score is designed to identify the likelihood of enumeration attacks, in which fraudsters use automated scripts and botnets to test stolen card numbers across various online platforms.
This method results in substantial operational costs and significant annual fraud losses, totaling approximately $1.1 billion globally. The introduction of the VAAI Score mitigates these impacts by providing real-time risk assessments that help prevent fraudulent transactions.
Key Features and Benefits of the VAAI Score
The VAAI Score offers several groundbreaking features:
- Real-Time Risk Scoring: The system can assign risk scores to transactions in just 20 milliseconds, enabling immediate response to potential threats.
- Reduction in False Positives: Visa has optimized the VAAI Score to reduce false positives by 85%, focusing specifically on signals unique to enumeration attacks for more accurate detection.
- Training and Features:The model is trained on more than 15 billion VisaNet transactions and incorporates six times the number of features compared to previous models, enhancing its ability to scrutinize suspicious transactions effectively.:Â
Enumeration can have lasting impacts on our clients and there’s an immediate need for tools that can better detect and prevent these attacks in real-time. With the VAAI Score, our clients now have access to real-time risk scoring that can help detect the likelihood of an enumeration attack so issuers can make more informed decisions on when to block a transaction.
Paul Fabara, Chief Risk and Client Services Officer at Visa Michael Jabbara, SVP Global Head of Fraud Services at Visa, also highlighted the advanced technology’s role in safeguarding digital finance:
With access to advanced technology, fraudsters are monetizing stolen credentials faster than ever before. Enumerated transactions impact the entire ecosystem, and with the VAAI Score, we’re giving our clients a sophisticated tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they happen.
