BAKU, Azerbaijan, April 2. Visa Inc. plans to launch three risk and fraud prevention solutions powered by artificial intelligence (AI) in the first half of 2024, Trend reports.
According to Visa, these solutions will become part of the comprehensive Visa Protect portfolio.
Visa Protect is part of a broader portfolio of Visa services
that includes solutions for issuance, acceptance, risk and
identity, open banking, and consultation.
One of the solutions, Visa Deep Authorization, is intended to
assess transaction risks, allowing for more effective
administration of card-not-present (CNP) payments and relieving
issuers of concerns about continually evolving digital crime. All
of this is accomplished while preserving the integrity of the
digital transaction.
Furthermore, Visa has broadened the scope of its AI-powered fraud
risk management products, Visa Advanced Authorization and Visa Risk
Manager, to include transactions on cards not issued by Visa.
This expansion allows issuers to combine their fraud detection
efforts into a single solution, improving the effectiveness of
fraud prevention features and lowering operational expenses,
regardless of the network scheme employed.
Another solution is an advanced fraud prevention solution adapted for instant payment processes such as digital wallets, account-to-account transfers, and central bank-operated instant payment systems. It was developed using cutting-edge deep learning AI. The solution allows real-time risk assessment, enabling financial institutions to detect and automatically stop fraudulent transactions before they happen.
Visa 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.