Visa Inc. is utilizing artificial intelligence (AI) to enhance security and is expanding its range of business client solutions to include three new fraud-prevention technologies.
One solution that builds on Visa’s existing artificial intelligence technology to help detect and thwart fraud in digital transactions where no credit card is present will be made available to clients beginning in the first half of the year.
Another will be used for real-time account-to-account payments, according to a statement released by Visa on Wednesday. Additionally, the San Francisco-based business intends to accept payments without the usage of Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.
“This focus on driving bad actors out of the ecosystem is really important,” stated Antony Cahill, global head of value-added services at Visa, in an interview
According to Visa, it assisted in stopping $40 billion worth of fraudulent activity last year—nearly twice as much as it did the year before. The company revealed a $100 million strategy in October to invest in generative AI-focused businesses to support initiatives that could influence future business practices.
The company is not the only one employing AI to reduce expenses and support fraud-detection efforts. PayPal Holdings Inc. announced in January that its Venmo product will use artificial intelligence (AI) to give customers a more personalized online shopping experience.
Competitor Mastercard Inc. is also selling a risk-detection tool powered by AI to help banks more effectively spot if their customers are trying to send money to fraudsters.
Also Read: US Treasury Warns AI Fuels Rise in Financial Fraud
