Sat. Jun 22nd, 2024
Visa Introduces New AI-Driven Technology to Combat Fraud

Visa Inc. is expanding its range of solutions for business clients by leveraging the power of artificial intelligence (AI) to improve security measures. The company has recently introduced three new fraud-prevention technologies, including a new AI technology that will help detect and prevent fraud in digital transactions where a credit card is 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 the use of 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 in preventing $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. Mastercard is offering a risk-detection tool powered by AI to help banks better identify suspicious transactions, ultimately combating fraud.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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