Visa has introduced three new AI-powered risk and fraud prevention solutions to enhance security in digital payments.
The new products, integrated into the end-to-end Visa Protect suite, aim to diminish fraud across immediate account-to-account and card not present (CNP) payments, as well as transactions both on and off Visa’s network.
Visa Protect is part of a broad suite of Visa value-added services, which has expanded to include nearly 200 products across five popular categories: acceptance, advisory, issuing, open banking, and protect.
Antony Cahill, global head of value-added services at Visa, said: “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.”
Visa says security and fraud prevention are fundamental aspects of its operations.
Security and fraud prevention are fundamental to Visa. In 2023, Visa successfully thwarted $40billion in fraudulent activities, marking a significant increase from the preceding year.
Its new solutions include:
- Visa Deep Authorisation (VDA): This solution is tailored to help issuers mitigate the challenges they face due to the rising complexity of digital fraud. Utilising deep learning AI risk models and vast amounts of contextual data, VDA offers a new transaction risk scoring mechanism specifically optimised for card not present (CNP) payments.
- Expansion of Visa Advanced Authorisation (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa’s AI-driven fraud risk management solutions are now agnostic to network schemes. This expansion enables issuers to streamline their fraud detection operations, resulting in strengthened fraud protections and reduced operational costs.
- Real-time, account-to-account payment protection: a fraud prevention solution designed specifically for immediate payments, including peer-to-peer (P2P) digital wallets, account-to-account transactions, and central banks’ instant payment systems. Powered by advanced deep learning AI detection models, this service provides real-time risk scoring, empowering financial institutions to proactively block fraudulent transactions before they occur.
Each product will be available to clients starting in the first half of 2024, with varied launch dates by product and market.
“Real-time, digital payments are nearly ubiquitous, creating a need for security solutions that are transformative and adaptive to the real-world,” James Mirfin, SVP, global head of risk and identity solutions, Visa, also added: “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.”
