BAKU, Azerbaijan, March 14. Visa attaches high importance to investing in artificial intelligence (AI) development, the company's Senior Vice President, Head of Strategy CEMEA (Central Europe, Middle East, and Africa) Godfrey Sullivan said at the Visa Cashless Forum – Digital Azerbaijan in Baku, Trend reports.
According to him, Visa invested over $3 billion in the development of AI and data processing infrastructure from 2013 through 2023.
"Visa Advanced Authorization use artificial intelligence and machine learning algorithms to screen every transaction for potential fraud, and we now have hundreds of AI models powering hundreds of Visa products. This prevented $27 billion in fraud in 2022 alone," he added.
To note, the Visa Cashless Forum is one of the main events of Visa, covering markets in Ukraine, Georgia, the CIS, and Southeastern Europe. It involves experts in digital payments and financial technologies.
Meanwhile, Visa (NYSE: V) is a global leader in the electronic payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Its mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumer well-being and business and economic prosperity.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel