• Tue. May 28th, 2024

Visa Inc. Launches New AI Technologies to Drive Out Fraud and Streamline Payment Processes

BySamantha Nguyen

Mar 27, 2024
Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. is taking its fraud prevention efforts to the next level with the launch of three new artificial intelligence (AI) technologies. One of these solutions will use Visa’s existing AI technology to detect and prevent fraud in digital transactions where no credit card is physically present. This solution, which will be available to clients in the first half of the year, will help drive out bad actors from the ecosystem and improve security measures for businesses and consumers alike.

Another technology announced by Visa on Wednesday will enable real-time account-to-account payments, providing a more streamlined payment process for businesses. Additionally, Visa aims to accept payments without cards through its current Visa Advanced Authorization and Visa Risk Manager solutions, further expanding its suite of solutions for business clients.

According to Antony Cahill, global head of value-added services at Visa, driving out bad actors from the ecosystem is crucial through these new technologies. Last year, Visa reported that it helped stop $40 billion worth of fraudulent activity, nearly doubling its efforts from the previous year. In October, the company revealed a $100 million strategy to invest in AI-focused businesses to drive future initiatives that could reshape business practices.

PayPal Holdings Inc., another major player in the industry, has also been leveraging AI to enhance fraud detection capabilities. Venmo product uses AI to provide customers with a more personalized online shopping experience. Meanwhile, Mastercard Inc., a competitor of Visa, is offering a risk-detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters.

Visa’s utilization of AI is not only an effort towards improving security measures but also enhancing overall experience for its business clients and consumers alike. Crypto

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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