Visa has introduced three AI-powered risk and fraud prevention tools as part of its product offerings for businesses. These new additions to the Visa Protect suite aim to minimize fraud in immediate account-to-account and card-not-present transactions, as well as across both Visa’s network and external transactions.
Last year, Visa successfully blocked $40 billion in fraudulent activities, nearly double the amount from 2022. The newly launched Visa Deep Authorisation (VDA) is a transaction risk scoring tool specifically designed to enhance the management of card-not-present payments. Utilizing deep learning AI risk models and extensive contextual data, VDA addresses fraud while ensuring a seamless digital transaction experience.
In addition, Visa Advanced Authorisation (VAA) and Visa Risk Manager (VRM) have become network scheme agnostic, allowing issuers to consolidate their fraud operations into a single solution. Furthermore, Visa has launched its first fraud prevention tool dedicated to immediate payments, including peer-to-peer digital wallets, account-to-account transactions, and instant payment systems utilized by central banks. This service utilizes deep learning AI detection models to provide real-time risk scoring, enabling financial institutions to prevent fraud by automatically blocking suspicious transactions before they occur.
James Mirfin, SVP and global head of risk and identity solutions at Visa, stated, “As digital fraud grows in volume and sophistication, Visa is keeping pace by enhancing our powerful suite of risk and fraud solutions through innovative technology and AI expertise, while expanding their functionality beyond the Visa network.”