Three new fraud-prevention technologies are being added to Visa Inc.’s portfolio of business client solutions, and the company is using artificial intelligence (AI) to improve security.
Customers will be able to access a service that leverages Visa’s current artificial intelligence technology in the first half of the year to help identify and prevent fraud in digital transactions where a credit card is not used.
In a statement issued on Wednesday, Visa stated that another will be utilized for instantaneous transfers from one account to another. Additionally, by using its current Visa Advanced Authorization and Visa Risk Manager products, the San Francisco-based company hopes to take payments without the need for Visa cards.
Antony Cahill, global head of value-added services at Visa, said in an interview that “this focus on driving bad actors out of the ecosystem is really important.”
Visa says that last year it helped prevent $40 billion worth of fraud, almost twice as much as the previous year. In order to encourage projects that might have an impact on future business practices, the corporation unveiled a $100 million plan in October to invest in generative AI-focused companies.
AI is being used by other businesses as well as this one to cut costs and enhance fraud detection. In order to provide users with a better tailored online buying experience, PayPal Holdings Inc. declared in January that its Venmo product will leverage artificial intelligence (AI).
In order to help banks more accurately determine whether their clients are attempting to transfer money to scammers, rival Mastercard Inc. is also offering a risk-detection tool driven by AI.
