Visa Inc. announces the addition of three new AI-powered fraud-prevention tools to its suite of products for business clients.
The aim is to enhance security measures using advanced technology.
Expansion of AI Technology for Detecting and Blocking Fraud
- One of the new tools will build upon Visa's existing artificial intelligence technology, focusing on detecting and blocking fraud in digital transactions without a physical credit card.
- This expansion signifies Visa's commitment to staying ahead of evolving fraud tactics in the digital realm.
Real-Time Account-to-Account Payments Security Enhancement
- Another tool introduced by Visa will focus on enhancing security for real-time account-to-account payments.
- This initiative aims to bolster security measures for transactions happening in real-time, minimizing the risk of fraudulent activities.
Opening Existing Products for Non-Visa Card Payments:
- Visa plans to open its existing Visa Advanced Authorization and Visa Risk Manager products for payments that don't involve Visa cards.
- This strategic move indicates Visa's willingness to collaborate with non-Visa payment systems to combat fraud effectively across the entire payments ecosystem.
Emphasis on Driving Bad Actors Out of the Ecosystem
- Antony Cahill, Visa's global head of value-added services, highlights the company's focus on driving bad actors out of the payments ecosystem.
- This underscores Visa's dedication to maintaining the integrity and security of its payment network.
Significant Impact of Fraud Prevention Efforts
- Visa reports blocking $40 billion in fraudulent activity last year, nearly doubling the total from the previous year.
- This demonstrates the effectiveness of Visa's fraud prevention measures and the growing importance of leveraging AI technology in combating fraud.
Investment in Generative AI and Future Commerce
- In October, Visa unveiled a $100 million plan to invest in companies focused on generative AI, aiming to shape the future of commerce.
- This investment reflects Visa's strategic approach to staying at the forefront of technological innovation in the payments industry.
Industry-wide Adoption of AI for Fraud Detection
- Visa's efforts align with industry trends, as competitors like Mastercard Inc. and Paypal Holdings Inc. also leverage AI for fraud detection.
- This underscores the widespread recognition of AI's effectiveness in improving fraud detection and reducing costs in the financial sector.
Collaboration for Enhanced Security Measures
- Collaborative efforts between financial institutions and technology companies, like Visa, Mastercard, and Paypal, highlight the industry's collective commitment to enhancing security measures through AI-powered solutions.
- This collaborative approach strengthens the overall security posture of the payments ecosystem, benefiting consumers and businesses alike.
Continued Innovation for Enhanced Consumer Experience
- Visa's investment in AI-driven fraud prevention reflects its commitment to enhancing the consumer experience by providing secure and seamless payment solutions.
- As technology continues to evolve, Visa remains dedicated to innovating and adapting to address emerging threats and meet the evolving needs of its clients and customers.