• Wed. May 29th, 2024

Visa Takes Fraud Prevention to New Heights with AI-Powered Solutions

BySamantha Jones

Mar 27, 2024
Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. is taking its fraud prevention efforts to the next level by utilizing artificial intelligence (AI) technology. The company has announced three new solutions that will enhance security measures and improve its suite of offerings for business clients.

One of these solutions uses Visa’s existing AI technology to detect and prevent fraud in digital transactions where no credit card is physically present. This solution will be available to clients in the first half of the year, further strengthening Visa’s commitment to driving out bad actors from the ecosystem.

In addition, Visa is launching real-time account-to-account payments, allowing for seamless and secure transactions without the need for physical cards. This technology was announced on Wednesday and represents another significant step forward in improving payment processing capabilities.

Visa is not alone in leveraging AI to improve security measures and enhance fraud detection capabilities. PayPal Holdings Inc.’s Venmo product now uses AI to provide customers with a more personalized online shopping experience, while Mastercard Inc., a competitor of Visa, offers a risk-detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters.

Crypto.com is also rewarding Visa cardholders with Apple products as an incentive for using its services, further demonstrating the value of Visa’s utilization of AI technology. These advancements represent a major step towards strengthening security measures and improving the overall experience for business clients and consumers alike.

Antony Cahill, global head of value-added services at Visa, highlighted the importance of driving out bad actors from the ecosystem through these new technologies. He emphasized that Visa’s $100 million strategy to invest in AI-focused businesses would drive future initiatives that could reshape business practices.

Overall, Visa’s utilization of AI technology represents a significant investment in enhancing security measures and improving payment processing capabilities, setting an example for other companies in the industry to follow.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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