Visa made waves in the financial world by introducing three new AI-powered risk and fraud prevention solutions last year. These solutions effectively helped block a staggering $40 billion in fraudulent activity—nearly double the amount from the previous year.
Set to launch in the first half of 2024, these products are part of Visa’s Protect suite, designed to tackle fraud across a variety of payment scenarios, including immediate account-to-account, card not present (CNP) payments, and transactions both within and outside Visa’s network.
Solutions Tailored for Modern Challenges
- Visa Deep Authorization (VDA): A game-changer in managing CNP payments, VDA uses deep learning models and extensive contextual data to enhance fraud detection while ensuring seamless transaction experiences.
- Expanded Visa Advanced Authorization and Visa Risk Manager: These solutions, now agnostic to network schemes, provide a unified fraud detection system, simplifying operations and enhancing security across the board.
- Real-Time, Account-to-Account Payment Protection: Tailored for the digital age, this solution offers immediate fraud detection for digital wallets and instant payment systems, employing deep learning AI to block fraudulent transactions before they occur.
Antony Cahill, Global Head of Value-Added Services at Visa, highlights the role of digital payments in modern commerce, emphasizing the need for fast, AI-driven, and secure transaction environments. Visa’s investment of $10 billion in technology and innovation over the past five years underscores its commitment to maintaining a secure and efficient payment ecosystem.
Digital payments go far beyond completing a sale – we are entering an era of modern commerce where winners move fast, AI is essential, experiences are flexible, and security is native
James Mirfin, SVP, Global Head of Risk and Identity Solutions at Visa, points out the growing ubiquity of real-time digital payments and the corresponding need for advanced security solutions. Through its unparalleled technology and AI expertise, Visa continues to evolve its suite of risk and fraud management tools to stay ahead of sophisticated digital fraud tactics.
