Visa Inc. is taking steps to enhance its security measures and expand its range of solutions for business clients through the use of artificial intelligence (AI). In the first half of the year, a new AI technology will be introduced that will help detect and prevent fraud in digital transactions where a credit card is not used. Additionally, Visa is working on real-time account-to-account payments, as well as accepting payments that do not involve the use of Visa cards using its existing Visa Advanced Authorization and Visa Risk Manager solutions.
According to Antony Cahill, global head of value-added services at Visa, driving bad actors out of the ecosystem is crucial. Last year, Visa helped prevent $40 billion worth of fraudulent activity, almost double the amount from the previous year. To support future initiatives that could influence business practices, Visa has committed to investing in generative AI-focused businesses with a $100 million strategy in October.
Other companies like PayPal Holdings Inc. and Mastercard Inc. are also incorporating AI technology to reduce expenses and enhance fraud-detection efforts. PayPal’s Venmo product plans to use AI to provide customers with a more customized online shopping experience while Mastercard offers a risk-detection tool powered by AI to help banks better identify suspicious transactions, ultimately combating fraud.
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