Visa powers three ‘adaptive’ fraud prevention solutions with AI

Fraud prevention button, concept about cybersecurity, credit card and identity protection against cyberattack and online thieves.
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Visa has added three new AI-powered risk and fraud prevention solutions to its services business as part of its end-to-end Visa Protect suite.

The new products, launching later this year, are designed to reduce fraud across immediate account-to-account and card not present (CNP) payments, as well as transactions both on and off Visa’s network.

Antony Cahill, Global Head of Value-Added Services at Visa, commented: “Digital payments go far beyond completing a sale – we are entering an era of modern commerce where winners move fast, AI is essential, experiences are flexible and security is native. 

“Businesses are looking for partners that can enable their ambitions to compete and win and we’re proud to be the trusted partner helping a growing number of clients do exactly that in today’s highly competitive environment.”

The AI-powered technologies are Visa Deep Authorization (VDA), Real-Time, Account-to-Account Payment Protection and an expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments.

The firm’s VDA tool has been developed to address challenges facing issuers as a result of increasingly sophisticated digital fraud, tailored to better manage CNP payments.

The VAA and VRM expansion are now network scheme agnostic, allowing issuers to simplify their fraud operations into a single fraud detection solution that helps strengthen fraud protections while reducing costs.

Lastly, its Real-Time, Account-to-Account (A2A) Payment Protection tool has been built specifically for immediate payments such as P2P digital wallets, A2A transactions and central banks’ instant payment systems.

This tool provides a risk score in real time, which helps financial institutions prevent fraud by automatically blocking bad transactions before they happen.

James Mirfin, SVP, Global Head of Risk and Identity Solutions at Visa, said: “Real-time, digital payments are nearly ubiquitous, creating a need for security solutions that are transformative and adaptive to the real-world. 

“As digital fraud grows in volume and sophistication, Visa is keeping pace by bolstering our powerful suite of risk and fraud solutions through our unmatched technology innovation and AI expertise, and expanding their utility beyond the Visa network.”

While releasing these new anti-fraud technologies, Visa alongside fellow payments giant Mastercard have landed in deep water recently. The two firms reached an estimated $30bn settlement to limit credit and debit card fees for merchants for at least a five-year period, earlier this week.