Visa Set to Roll out New AI-Powered Fraud Prevention Solutions – Fintech Singapore

Visa announced the expansion of its value-added services by introducing three new AI-powered solutions aimed at bolstering fraud and risk prevention.

These additions are part of Visa’s comprehensive Protect suite, targeting immediate account-to-account transactions, card-not-present (CNP) payments, and activities beyond its network.

The Protect suite is among nearly 200 products under Visa’s portfolio, covering critical areas such as Acceptance, Advisory, Issuing, Open Banking, and Risk and Identity.

Leveraging its extensive experience and a US$10 billion investment in technology and innovation over the past five years, Visa aims to enhance fraud prevention and network security.

The investment appears to have paid off, with Visa blocking US$40 billion in fraudulent activity last year, nearly doubling the amount from the previous year.

In response to the escalating challenge of digital fraud, Visa has introduced Visa Deep Authorization (VDA), a solution utilising deep learning technology and vast data analysis to improve CNP payment security without hindering the user experience.

Additionally, Visa has expanded the capabilities of its Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) tools to support non-Visa card payments, allowing issuers to centralise fraud detection efforts and reduce operational costs.

A notable innovation is Visa’s real-time fraud prevention service for immediate payments, such as P2P digital wallets and instant payment systems operated by central banks. This service employs deep learning models to assess transaction risks instantly, aiding financial institutions in preemptively blocking fraudulent activities.

These new products are scheduled for release in the first half of 2024, with availability varying by market and product.

Antony Cahill

“Digital payments go far beyond completing a sale – we are entering an era of modern commerce where winners move fast, AI is essential, experiences are flexible and security is native.

Businesses are looking for partners that can enable their ambitions to compete and win and we’re proud to be the trusted partner helping a growing number of clients do exactly that in today’s highly competitive environment.”

said Antony Cahill, Global Head of Value-Added Services, Visa.

James Mirfin

“Real-time, digital payments are nearly ubiquitous, creating a need for security solutions that are transformative and adaptive to the real-world.

As digital fraud grows in volume and sophistication, Visa is keeping pace by bolstering our powerful suite of risk and fraud solutions through our unmatched technology innovation and AI expertise, and expanding their utility beyond the Visa network.”

said James Mirfin, SVP, Global Head of Risk and Identity Solutions, Visa.

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/93841/ai/visa-ai-fraud-prevention/