Visa Inc. Leverages AI to Enhance Security Measures and Offer Wider Range of Solutions for Business Clients

Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. is leveraging the power of artificial intelligence (AI) to enhance its security measures and provide a wider range of solutions for business clients. The company has recently introduced three new fraud-prevention technologies, including an AI solution that will help detect and prevent fraud in digital transactions where a credit card is not used, set to be available in the first half of the year.

Another solution will focus on real-time account-to-account payments. Additionally, Visa is working on accepting payments that do not involve the use of Visa cards, utilizing its existing Visa Advanced Authorization and Visa Risk Manager solutions. Antony Cahill, global head of value-added services at Visa, highlighted 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. To support future initiatives that could influence business practices, Visa has committed to investing in generative AI-focused businesses with a $100 million strategy in October. 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 offers a risk detection tool powered by AI to help banks identify suspicious transactions ultimately combatting fraud.

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