Visa Leads in Fraud Prevention with AI-Powered Solutions: Enhancing Security Measures and Providing Innovative Solutions for Business Clients

Visa Introduces New AI-Driven Technology to Combat Fraud

Visa is taking a leading role in the fight against fraud with the introduction of three new technologies that leverage artificial intelligence (AI). These solutions are designed to enhance security measures and provide innovative solutions for business clients. One of these technologies, a new AI solution, will enable Visa to detect and prevent fraud in digital transactions where credit cards are not used. This solution is set to be available to clients in the first half of the year.

In addition, Visa is working on accepting payments that do not involve 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 prevent $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 combatting fraud.

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