Visa Inc. is expanding its suite of solutions for business clients with three new fraud-prevention technologies that use artificial intelligence (AI) to enhance security measures. One of these solutions uses Visa’s existing AI technology to detect and prevent fraud in digital transactions where no credit card is physically present. This solution will be available to clients in the first half of the year.
Another technology will be used for real-time account-to-account payments, as announced by Visa on Wednesday. Additionally, the company aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions. These advancements are a step towards strengthening security measures and improving the overall experience for its business clients and consumers alike.
Antony Cahill, global head of value-added services at Visa, highlighted the importance of driving out bad actors from the ecosystem through these new technologies. Visa reported that it helped stop $40 billion worth of fraudulent activity last year, nearly doubling its efforts from the previous year. The company revealed a $100 million strategy in October to invest in AI-focused businesses to drive future initiatives that could reshape business practices.
PayPal Holdings Inc., a competitor of Visa, is also leveraging AI to cut costs and enhance fraud detection capabilities. Its Venmo product will use AI to provide customers with a more personalized online shopping experience. Mastercard Inc., another competitor of Visa, is offering a risk-detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters.
In addition to these advancements, Crypto.com will reward Visa cardholders with Apple products as an incentive for using its services. This utilization of AI is just one example of how companies are using this technology to improve their operations and better serve their customers.
Overall, these advancements demonstrate how companies are increasingly relying on AI to cut costs, improve efficiency and enhance security measures in today’s fast-paced digital landscape.
