Visa has introduced Aric Risk Hub, an AI-driven fraud prevention platform aimed at safeguarding banks, acquirers, and financial institutions from a wide range of fraud and financial crimes.
The platform, built on Visa’s acquisition of Featurespace in September, utilizes adaptive AI to create profiles based on legitimate customer activity, optimizing approvals while effectively identifying malicious actors in real-time.
Eika Gruppen, an alliance of 46 local banks in Norway, has implemented this technology, reporting a remarkable 90% reduction in phishing losses in 2024 compared to the previous year.
By analyzing the behavior patterns of Eika customers, Aric Risk Hub establishes a ‘normal’ baseline, enabling the technology to accurately flag suspicious activities in real-time while minimizing false positives.
Tareq Muhmood, head of value-added services for Europe at Visa, stated, “We have been leveraging AI for over 30 years to combat fraud, and now by integrating behavioral data with Aric’s advanced technology, we will further empower our clients to stay ahead of emerging threats.”