Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. is leading the charge in incorporating artificial intelligence (AI) into its suite of solutions for business clients, with three new fraud-prevention technologies set to enhance security measures and improve the overall experience for its clients. The company has announced that it will use AI to detect and prevent fraud in digital transactions where no credit card is physically present, making this solution available to clients in the first half of the year. Additionally, Visa aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.

Anthony Cahill, global head of value-added services at Visa, emphasized the importance of driving out bad actors from the ecosystem through these new technologies. In 2020, Visa helped stop $40 billion worth of fraudulent activity, nearly double its efforts from the previous year. The company has invested heavily in AI-focused businesses as part of a $100 million strategy revealed in October 2020.

PayPal Holdings Inc. has also leveraged AI to enhance its Venmo product, providing customers with a more personalized online shopping experience. Meanwhile, 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. These advancements demonstrate how companies are using AI to cut costs and improve fraud detection capabilities.

In addition to these developments, Crypto.com has announced that it will reward Visa cardholders with Apple products as an incentive for using its services. This move further highlights how companies are utilizing AI to strengthen security measures and improve the overall experience for their clients and consumers alike.

By Samantha Johnson

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