• Visa has announced the expansion of its global end-to-end Visa Protect suite, with three new AI-enabled solutions being introduced.
• Fraudulent activity is on the rise, with Visa blocking $40 billion in fraud during 2023, double that from the previous year.
• The new solutions will be made available during the course of 2024, but will vary depending on region.

Artificial intelligence (AI) is permeating every industry, and with that in mind, Visa has announced the development of three new AI-enabled solutions designed to help the company better tackle risk and fraud prevention.

It explains that the new solutions are part of the company‘s end-to-end Visa Protect suite and created to reduce fraud across immediate account-to-account and card not present (CNP) payments, as well as transactions both on and off Visa’s network.

AI is an area where the company is paying particular attention, it confirmed. “To help clients navigate a growing number of complexities, Visa has combined decades of expertise and significant investments in both AI and fraud prevention, with $10 billion over the last five years alone in technology and innovation, to help reduce fraud and increase network security,” it highlighted in a release shared with Hypertext.

“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,” added Antony Cahill, global head of Value-Added Services at Visa.

The reliance on AI as an effective fraud prevention tool is for good reason too, as last year the company helped block $40 billion in fraudulent activity, which is said to be nearly double from the year prior.

The three new AI-enabled solutions are:

• Expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments – A network scheme agnostic AI-powered solution, allowing issuers to simplify their fraud operations into a single fraud detection offering.
• Visa Provisioning Intelligence (VPI) – It is designed to address this challenge and combat token fraud at its source by using machine learning to rate the likelihood of fraud for token provisioning requests.
• Real-Time, Account-to-Account Payment Protection – A fraud prevention solution built specifically for immediate payments, including P2P digital wallets, account to account transactions, and central banks’ instant payment systems.

The company said that each new product will be accessible to clients in 2024, but there will be different release dates depending on the product and market.

[Image – Photo by Aleksandrs Karevs on Unsplash]