• Wed. May 22nd, 2024

Visa Embraces AI to Boost Fraud Prevention for Business Clients

BySamantha Nguyen

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

Visa Inc. is set to enhance security measures and expand its suite of solutions for business clients through the use of artificial intelligence (AI) in three new fraud-prevention technologies. One of these solutions utilizes Visa’s existing AI technology to detect and prevent fraud in digital transactions where no credit card is physically present, which will be available to clients in the first half of the year. Additionally, Visa aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.

Antony Cahill, global head of value-added services at Visa, emphasized the importance of driving out bad actors from the ecosystem 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.

Visa is not alone in leveraging AI to cut costs and enhance fraud detection capabilities. PayPal Holdings Inc.’s Venmo product uses AI to provide customers with a more personalized online shopping experience. Mastercard Inc., a competitor of Visa, also offers 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. The utilization of AI by Visa is a step towards strengthening security measures and improving the overall experience for its business clients and consumers alike.

Overall, these new technologies highlight how companies are increasingly using AI to improve their operations and better protect their customers from fraudulent activity. As more companies adopt these technologies, we can expect a shift in how businesses operate and interact with their customers in the future.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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