Visa Launches Three Innovative AI-Powered Solutions to Combat Digital Payment Frau
Visa, the globally renowned company specializing in digital payment technology, has announced the launch of three new solutions supported by artificial intelligence to prevent risks and fraud. These advancements come as part of Visa’s ongoing efforts to expand its global footprint in value-added services.
The new products are part of the comprehensive “Visa Protect” suite, aiming to mitigate fraud in instant account-to-account payments, card-not-present transactions, and both domestic and international Visa transactions.
“Visa Protect” is integral to Visa’s wide array of value-added services, encompassing approximately 200 products across five high-demand categories: payment acceptance, consulting, issuance, open banking services, and protection.
Drawing on extensive expertise and significant investments in AI and fraud prevention, Visa has dedicated around $10 billion over the past five years alone to enhance network security and combat fraud.
Walter Leuroni, Vice President of Visa for Consultancy and Value-Added Services in Central and Eastern Europe, the Middle East, and Africa, emphasized Visa’s commitment to providing advanced risk and fraud solutions to safeguard consumer data in today’s digital-dependent society.
The three new AI-powered solutions leverage Visa’s unique technology, 30-year AI heritage, and experience in risk consulting and managed services practices to efficiently meet customer needs.
These solutions aim to address customer needs and leverage the company’s deep expertise in AI, including expanding the scope of “Advanced Visa Authorization” and “Visa Risk Manager” services for non-Visa card payments.
In the past year, Visa prevented fraudulent activities worth $40 billion, underscoring the paramount importance of security and fraud prevention for the company.
With this move, Visa reaffirms its commitment to providing innovative solutions to combat fraud and enhance security in digital payment operations.
