VISA continues to expand its value-added business services with the introduction of three new AI-based risk and fraud prevention solutions.
Source:https://ffnews.com/newsarticle/visas-growing-services-business-infused-with-new-ai-powered-products/
The new products, part of the comprehensive Visa Protect suite, are designed to reduce fraud in instant account-to-account and card-not-present (CNP) payments and transactions both on and off the Visa network. Visa Protect is part of Visa’s broad suite of value-added services, which has grown to nearly 200 products and spans the five most in-demand categories: Acceptance, Advisory, Issuance, Open Banking and Protection. Security and fraud prevention are fundamental to Visa. Last year, Visa helped block $40 billion in fraudulent activity, nearly double the level the year before.
Visa Deep Authorization (VDA): Designed to address the challenges issuers face from increasingly sophisticated digital fraud, VDA is a new transaction risk assessment solution designed to better manage CNP payments.
Addition of Visa Enhanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa’s extensive AI-powered fraud risk management solutions are now network-agnostic, allowing issuers to simplify their fraud operations down to a single point fraud detection systems.
“Real-time digital payments are nearly ubiquitous, creating the need for security solutions that are transformative and adaptable to the real world,” said James Mirfin, senior vice president, global head of risk and identity solutions at Visa.
The use of AI technologies makes it possible to implement effective fraud detection methods and minimize costs.