In recent years, Visa Inc. has been making significant strides in utilizing artificial intelligence (AI) to enhance its security measures and offer a broader range of solutions for its business clients. To achieve this, the company has introduced three new fraud prevention technologies, one of which is an AI-powered solution set to detect and prevent fraud in digital transactions where a credit card is not used. This technology is expected to be available to clients in the first half of the year.
Another solution being developed by Visa focuses on real-time account-to-account payments. Additionally, the company is working on accepting payments that do not involve the use of Visa cards, leveraging 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 during a recent interview. Last year, Visa reported that it had prevented $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 underscores its determination to support future initiatives that could shape business practices. Other companies like PayPal Holdings Inc. and Mastercard Inc., are also incorporating AI technology into their operations to reduce expenses and improve fraud detection efforts. For example, PayPal’s Venmo product plans to use AI to provide customers with a more personalized online shopping experience. Meanwhile, Mastercard offers a risk detection tool powered by AI to help banks identify suspicious transactions more accurately, ultimately combating fraud.
Overall, these advancements in AI technology are transforming the way businesses operate and providing valuable tools for preventing fraud and improving security measures. As companies continue to invest in these technologies, we can expect even more innovative solutions emerging in the near future that will further enhance business practices and protect consumers from financial crimes.
