Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. Leads the Way in Fraud Prevention with AI-Powered Solutions for Business Clients

Visa Inc. is leveraging the power of artificial intelligence (AI) to improve security measures and expand its range of solutions for business clients. The company has recently introduced three new fraud-prevention technologies that will help in detecting and preventing fraud in digital transactions. One of these solutions is a new AI technology that will be available to clients in the first half of the year, set to revolutionize fraud detection in digital transactions where a credit card is not used.

In addition, Visa 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. 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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