Visa Leads the Way in Fraud Prevention with AI-Powered Solutions

Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. is leveraging the power of artificial intelligence (AI) to enhance its security measures and provide a broader range of solutions for its business clients. The company has recently introduced three new fraud-prevention technologies, including a new AI solution that will help detect and prevent fraud in digital transactions where credit cards are not used. This technology is set to be available to clients in the first half of the year.

Another solution from Visa focuses on real-time account-to-account payments, while the company also works on accepting payments that do not involve 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 during a recent interview. Last year, Visa reported that it 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 improve fraud detection efforts. PayPal’s Venmo product plans to use AI to offer customers a more customized online shopping experience, while Mastercard offers a risk detection tool powered by AI to help banks better identify suspicious transactions, ultimately combating fraud.

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