Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. is set to enhance its security measures and expand its suite of solutions for business clients through the use of artificial intelligence (AI) technology. The company has announced three new fraud-prevention technologies that will be available to clients in the first half of the year. 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.

Another technology will be used for real-time account-to-account payments, as announced by Visa on Wednesday. Additionally, the company aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.

Visa’s global head of value-added services, Antony Cahill, highlighted the importance of driving out bad actors from the ecosystem through these new technologies. He noted that Visa helped stop $40 billion worth of fraudulent activity last year, nearly doubling its efforts from the previous year. The company revealed a $100 million strategy in October to invest in AI-focused businesses to drive future initiatives that could reshape business practices.

PayPal Holdings Inc., a competitor of Visa, is also leveraging AI to cut costs and enhance fraud detection capabilities. Its Venmo product will use AI to provide customers with a more personalized online shopping experience. Mastercard Inc., another competitor of Visa, is offering a risk-detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters.

In addition to these advancements, Crypto.com will reward Visa cardholders with Apple products as an incentive for using its services. This utilization of AI is a step towards strengthening security measures and improving the overall experience for both business clients and consumers alike at Visa.

Crypto.com’s offer is just one example of how companies are using AI to drive innovation in different industries

By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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