Visa has added a trio of AI-powered risk and fraud prevention tools to its suite of products for businesses.
The new products for business clients are part of the Visa Protect suite and designed to reduce fraud across immediate account-to-account and card not present payments, as well as transactions both on and off Visa’s network.
The payments giant says it helped block $40 billion in fraudulent activity last year, nearly double from 2022.
The new Visa Deep Authorisation (VDA) is a transaction risk scoring tool tailored to better manage CNP payments. Powered by deep learning AI risk models and petabytes of contextual data, VDA is designed to combat fraud without disrupting digital transaction experiences.
Meanwhile, Visa Advanced Authorisation (VAA) and Visa Risk Manager (VRM) are now network scheme agnostic, allowing issuers to simplify their fraud operations into a single solution.
Finally, the firm has unveiled its first fraud prevention tool 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, the service provides a risk score in real time that helps financial institutions prevent fraud by automatically blocking bad transactions before they happen.
James Mirfin, SVP, global head, risk and identity solutions, Visa, says: “As digital fraud grows in volume and sophistication, Visa is keeping pace by bolstering our powerful suite of risk and fraud solutions through our unmatched technology innovation and AI expertise, and expanding their utility beyond the Visa network.”