Visa’s AI-Powered Fraud Prevention: Expanding Security Solutions for Business Clients

Visa Introduces New AI-Driven Technology to Combat Fraud

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

Another solution from Visa will focus on real-time account-to-account payments. Additionally, the company is working on accepting payments that do not involve the use of Visa cards, using its existing Visa Advanced Authorization and Visa Risk Manager solutions.

Visa’s global head of value-added services, Antony Cahill, emphasized the importance of driving bad actors out of the ecosystem in 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.

To support future initiatives, Visa has committed to investing in generative AI-focused businesses with a $100 million strategy in October. 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 offers a risk-detection tool powered by AI to help banks better identify suspicious transactions and ultimately combat fraud.

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