Visa said that as a result of its activities investing in artificial intelligence and other technologies, last year, through the use of advanced functional solutions to ensure financial security, it managed to block the process of making 80 million fraudulent transactions totaling $40 billion.
Charles Lobo, regional risk officer for Visa in Central and Eastern Europe, Middle East, and Africa, shared the mentioned data during a conversation with media representatives. He also separately noted that, despite the result of combating fraud in 2023, a lot of bad things are still happening.
Over the past five years, the payment industry giant has invested more than $10 billion in technology worldwide. It is known that Visa spent $500 million on artificial intelligence and data processing infrastructure to protect against fraud.
It is worth noting that recently there has been a growing demand among financial service providers for AI and machine learning tools as a means of countering fraud. Also in the context of this issue, attention should be paid to the fact that technology, among other things, is used by criminals, making their actions more sophisticated in terms of detection capabilities. Digital literacy is important to counteract such illegal practices. For example, a query in an Internet search system, such as how to know if my camera is hacked, will allow anyone to get information about signs of unauthorized access to personal devices.
It is also worth noting that the efforts of financial institutions to use artificial intelligence and machine learning to counter fraud have significant results. Within the framework of relevant practices, banks and financial services companies have recorded a decrease in the number of the most common forms of crimes in the mentioned category.
In May, Visa announced the launch of a real-time fraud detection service based on artificial intelligence in the United Kingdom. In this case, the efforts of the giant of the payment industry are aimed at preventing fraud between accounts (account-to-account, or A2A).
Also in May, Visa launched a generative artificial intelligence solution designed to help issuers combat enumeration attacks – card testing attacks in which criminals use automated scripts, botnets, and other technologies. The tool, implemented by the giant of the payment industry, can learn standard and non-standard transaction patterns, identify the likelihood of complex enumeration attacks, and facilitate customer decisions about authorization when applying the rules mechanism.
In March, Visa announced its intention to use artificial intelligence in three new apps as part of its fraud and risk management technologies platform to protect issuers, merchants, and consumers.
