• Mon. Jun 24th, 2024

Visa Takes the Lead in Fraud Detection with AI-Powered Solutions

BySamantha Jones

Mar 27, 2024
Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. is implementing artificial intelligence (AI) technology to improve security measures and provide more solutions for business clients. The company has announced three new fraud-prevention technologies that will enhance its existing offerings. One of the solutions uses AI to detect and prevent fraud in digital transactions where no credit card is physically present, which will be available to clients in the first half of the year. Another technology will enable real-time account-to-account payments, as announced by Visa on Wednesday. Additionally, the company aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.

Antony Cahill, global head of value-added services at Visa, emphasized the importance of driving out bad actors from the ecosystem through these new technologies. Last year, Visa helped stop $40 billion worth of fraudulent activity, nearly doubling its efforts from the previous year. The company has invested $100 million in an AI-focused strategy to drive future initiatives that could reshape business practices.

PayPal Holdings Inc., a competitor of Visa, also leverages AI to improve fraud detection capabilities by using it in its Venmo product to provide customers with a more personalized online shopping experience. Mastercard Inc., another competitor of Visa, offers a risk-detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters.

Crypto.com has announced that it will reward Visa cardholders with Apple products as an incentive for using its services. This utilization of AI is a step towards strengthening security measures and improving the overall experience for business clients and consumers alike.

Overall, these advancements in AI technology demonstrate how companies are utilizing innovative solutions to cut costs and enhance fraud detection capabilities while improving customer experiences.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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