Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Leads the Way in Incorporating AI for Fraud Detection and Customer Rewards

Visa Inc. is leading the charge in incorporating artificial intelligence (AI) into its security measures and expanding its suite of solutions for business clients with three new fraud-prevention technologies. The company has announced that it will be using AI to detect and prevent fraud in digital transactions where no credit card is physically present, as well as real-time account-to-account payments. Additionally, Visa aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.

The use of AI in fraud detection has become increasingly important for businesses looking to protect themselves from financial losses caused by bad actors. In fact, last year, Visa helped stop $40 billion worth of fraudulent activity, nearly doubling its efforts from the previous year. To further drive out bad actors from the ecosystem, Visa revealed a $100 million strategy in October to invest in AI-focused businesses to drive future initiatives that could reshape business practices.

PayPal Holdings Inc., a competitor of Visa, has also been utilizing AI to improve their services. Their Venmo product now uses AI to provide customers with a more personalized online shopping experience. Mastercard Inc., another competitor of Visa, is offering a risk-detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters.

Crypto.com has recently announced that they will be rewarding Visa cardholders with Apple products as an incentive for using their services. This move highlights the growing importance of utilizing advanced technology in order to provide better customer experiences and strengthen security measures for both businesses and consumers alike.

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