Key points:
- Visa’s $10 billion investment in technology and innovation
- Launch of AI-powered solutions to enhance network security
- New tools expected to significantly contribute to fraud prevention
Visa Inc. has announced the introduction of three AI-powered risk and fraud prevention solutions, set to launch in the first half of 2024. These solutions will be part of the Visa Protect portfolio, an end-to-end suite of nearly 200 products across five categories: Acceptance, Advisory, Issuing, Open Banking, and Protect. Over the past five years, Visa has invested $10 billion in technology and innovation to enhance network security and reduce fraud.
The first solution, Visa Deep Authorization, is a transaction risk scoring solution designed to manage card-not-present payments. This tool is designed to address the challenges issuers face due to the constantly evolving nature of digital fraud.
The second and third solutions expand the scope of Visa’s AI-powered fraud risk management tools, Visa Advanced Authorization and Visa Risk Manager, to support non-Visa card transactions. This expansion allows issuers to consolidate their fraud detection efforts into one solution, enhancing fraud defense mechanisms and reducing operational costs, regardless of the network scheme used.
The third solution is a pioneering fraud prevention tool, specifically designed for instant payment processes such as peer-to-peer digital wallets, account-to-account transfers, and instant payment systems managed by central banks. This solution utilizes advanced deep learning AI to produce a real-time risk score, enabling the timely identification and automatic termination of fraudulent transactions by financial institutions before they occur. These solutions leverage Visa’s extensive expertise in AI and are expected to significantly contribute to fraud prevention in the digital payment landscape.
