· Three new AI-powered solutions
are added to Visa Protect suite to help block fraud
· Among the newest services: a
cutting-edge immediate payment fraud solution and expanded capabilities to
mitigate fraud, agnostic to payment network
· Growing usage across global services portfolio – Visa’s largest 265 clients now use an average of 22 of Visa’s value-added services products
Karachi:
Visa (NYSE:V), a leader in digital payments,
announced continued expansion of its global value-added services business with
the addition of three new AI-powered risk and fraud prevention solutions. The
new products, part of the end-to-end Visa Protect suite, are designed to reduce
fraud across immediate account-to-account and card not present (CNP) payments, as
well as transactions both on and off Visa’s network.
Visa Protect is part of a broad suite of Visa
value-added services that have grown to nearly 200 products, spanning five high-demand categories: Acceptance,
Advisory, Issuing, Open Banking and Protect. To help clients navigate a growing
number of complexities, Visa has combined decades of expertise and significant
investments in both AI and fraud prevention, with $10 billion over the last
five years alone in technology and innovation, to help reduce fraud and
increase network security.
“Digital payments go far
beyond completing a sale – we are entering an era of modern commerce where
winners move fast, AI is essential, experiences are flexible and security is
native,” said Antony Cahill,
Global Head of Value-Added Services, Visa. “Businesses are looking for partners
that can enable their ambitions to compete and win and we’re proud to be the
trusted partner helping a growing number of clients do exactly that in today’s
highly competitive environment.”
Security and fraud
prevention are fundamental to Visa. Last year, Visa helped block $40 billion in
fraudulent activity, nearly double from the year prior[2].
Today’s announcement focuses on three Visa Protect solutions that are intended
to address client needs and utilize the company’s deep expertise in AI:
·
Expansion of Visa Advanced Authorization
(VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa’s extensive, AI-powered fraud risk
management solutions are now network scheme agnostic, allowing issuers to simplify
their fraud operations into a single fraud detection solution that help strengthen
fraud protections while reducing costs.
·
Visa Provisioning Intelligence
(VPI):
While tokenization is one of the most secure ways to transact, fraudsters use
social engineering and other scams to illegitimately provision tokens and
commit fraudulent transactions. VPI, an AI-based product, is designed to
address this challenge and combat token fraud at its source by using machine
learning to rate the likelihood of fraud for token provisioning requests. VPI,
accessible through Visa Risk Manager, helps financial institutions prevent
fraud in a targeted way and enable more seamless and secure transactions across
device, ecommerce and card-on-file tokens.
·
Real-Time,
Account-to-Account Payment Protection:
Visa’s first
fraud
prevention solution built specifically for immediate payments, including P2P
digital wallets, account to account transactions, and central banks’ instant
payment systems. Powered by deep learning AI detection models, this new service
provides a risk score in real time that helps financial institutions prevent
fraud by automatically blocking bad transactions before they happen.
Each product will be accessible to clients in 2024, with different
release dates depending on the product and market.