Visa’s New AI Solutions: Boosting Security Measures and Enhancing Fraud Prevention in the Digital Era

Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. is using artificial intelligence (AI) to enhance its security measures and provide new solutions for business clients. The company has introduced three new fraud-prevention technologies, including a new AI solution that can detect and prevent fraud in digital transactions where a credit card is not used, which will be available to clients in the first half of the year. Another solution will focus on real-time account-to-account payments.

Visa is also working 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 in a recent interview. Last year, Visa reported that it helped in preventing $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 is offering a risk-detection tool powered by AI to help banks better identify suspicious transactions, ultimately combating fraud.

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