Visa Introduces AI Solutions to Combat Fraud

• Visa unveils three AI-powered tools within its Visa Protect suite, targeting fraud in digital payments across various platforms.
• The expansion includes network-agnostic fraud management and a focus on token fraud prevention, with a $10 billion investment in technology over five years.
• Set for 2024 release, these tools underscore Visa’s commitment to bolstering payment security and supporting global clients in navigating digital commerce challenges.

Visa has broadened its service portfolio with the introduction of three AI-powered solutions aimed at bolstering fraud prevention in digital transactions. These additions to the Visa Protect suite are designed to enhance security for immediate account-to-account and card-not-present payments, extending beyond Visa’s own network. This initiative is part of Visa’s broader effort, which encompasses nearly 200 value-added services across acceptance, advisory, issuing, open banking, and protection, fueled by a significant $10 billion investment in technology and innovation.

The company’s focus on AI-driven solutions is a strategic move to address the evolving challenges of modern commerce. Antony Cahill, Visa’s Global Head of Value-Added Services, highlighted the shift towards an era where flexibility, speed, and security are paramount. Visa’s efforts in fraud prevention notably helped block $40 billion in fraudulent transactions last year, evidencing the effectiveness of its security measures.

The newly announced solutions include the expansion of Visa Advanced Authorization and Visa Risk Manager to accommodate non-Visa card payments, Visa Provisioning Intelligence for combating token fraud, and a real-time fraud prevention service for immediate payments. These solutions, accessible through Visa Risk Manager, leverage AI and machine learning to provide comprehensive fraud protection across a range of transaction types.

Scheduled for release in 2024, these products affirm Visa’s dedication to safeguarding digital transactions and supporting the growth of clients and partners in a digital-first society. Walter Lironi, SVP at Visa, emphasized the role of Visa’s AI-powered solutions in protecting consumer data and fostering secure transaction environments. Visa continues to advance its suite of security solutions, underlining its longstanding commitment to innovation and risk management in the payment industry.