Visa, a prominent digital payments leader, announced the expansion of its global value-added services business. The company has introduced three new risk and fraud prevention solutions powered by artificial intelligence (AI). These innovative products are part of the comprehensive Visa Protect suite and have been specifically designed to combat fraudulent activities in various payment scenarios, including immediate account-to-account transfers, card-not-present (CNP) transactions, and both on and off Visa’s network.
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Visa Protect is an integral component of Visa’s extensive range of value-added services, which now encompasses nearly 200 products across five high-demand categories: Acceptance, Advisory, Issuing, Open Banking, and Protect. Recognizing the increasingly complex landscape of the industry, Visa has leveraged its decades of expertise and made substantial investments in AI and fraud prevention. With a commitment of $10 billion in technology and innovation efforts over the past five years alone, Visa aims to enhance network security and effectively mitigate fraud, thereby assisting its clients in navigating the evolving challenges of the digital payments ecosystem.
According to Antony Cahill, global head of Value-Added Services at Visa, the realm of digital payments extends well beyond mere transactional processes. He emphasizes that we are currently transitioning into an era of modern commerce, where agility is crucial, artificial intelligence (AI) plays a vital role, adaptability is valued, and security is ingrained in the system. Cahill further highlights that businesses are seeking reliable partners who can empower their aspirations to compete and succeed. In this fiercely competitive landscape, Visa takes pride in being the trusted partner of choice for an increasing number of clients, enabling them to thrive and achieve their goals.
Three Visa Protect solutions
Visa places utmost importance on security and fraud prevention. In the previous year, Visa successfully thwarted fraudulent activity amounting to $40 billion, which was nearly twice the amount from the preceding year. The announcement centers around three Visa Protect solutions that cater to the specific needs of clients and leverage the company’s extensive expertise in artificial intelligence (AI):
- The expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments allows issuers to streamline their fraud operations by employing a single, AI-powered fraud detection solution. This network scheme agnostic approach strengthens fraud protection measures while reducing costs.
- Visa Provisioning Intelligence (VPI) addresses the challenge of token fraud. While tokenization is a highly secure method of conducting transactions, fraudsters employ social engineering and other illicit methods to illegitimately acquire and utilize tokens for fraudulent purposes. VPI, an AI-based product, employs machine learning to assess the likelihood of fraud in token provisioning requests. Accessible through Visa Risk Manager, VPI enables financial institutions to proactively prevent fraud in a targeted manner, facilitating seamless and secure transactions across various devices, e-commerce platforms, and card-on-file tokens.
- Visa introduces Real-Time, Account-to-Account Payment Protection, a dedicated fraud prevention solution designed specifically for immediate payments, including P2P digital wallets, account-to-account transactions, and central banks’ instant payment systems. Powered by advanced deep learning AI detection models, this innovative service provides real-time risk scores, enabling financial institutions to automatically block fraudulent transactions before they occur.
Visa said clients can look forward to accessing each of these products in 2024, although the specific release dates may vary depending on the product and market.
Commitment to risk and fraud solutions
Walter Lironi, SVP and head of Advisory and Value-Added Services for Central and Eastern Europe, Middle East, and Africa (CEMEA) at Visa, highlighted the company’s commitment to empowering a comprehensive range of risk and fraud solutions in today’s digitally-driven society. Lironi expressed the importance of safeguarding consumer data across all transactional environments. He emphasized that the three newly introduced AI-powered solutions are developed on Visa’s unparalleled technology, innovation, and three-decade legacy in AI. Additionally, Visa’s expertise in risk advisory and managed services further strengthens these offerings. Lironi expressed enthusiasm in supporting and facilitating the growth of Visa’s clients and partners across the CEMEA region.
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