Visa moves to stop payment scams with AI features

Visa has unveiled three AI-powered risk and fraud prevention solutions to mitigate payment scams globally.

The new product, according to a statement, includes Visa’s extensive provisioning intelligence and real-time, as well as account-to-account payment protection. These features will be available to users this year, the firm said.

The firm highlighted that they consist of its end-to-end protect suite, which was designed to reduce fraud across immediate account-to-account and card-not-present payments and transactions both on and off its network.

“Visa Protect is part of a broad suite of Visa value-added services that have grown to nearly 200 products, spanning five high-demand categories: acceptance, advisory, issuing, open banking and protect,” Visa said.

Antony Cahill, Global Head of Value-Added Services at Visa, explained that digital payments go far beyond completing a sale and as modern commerce continues to move at a fast pace, AI has become crucial to securing the security of payment.

“Businesses are looking for partners that can enable their ambitions to compete and win, and we’re proud to be the trusted partner helping a growing number of clients do exactly that in today’s highly competitive environment,” Cahill said.

“In today’s digital-first society, Visa remains focused on enabling an advanced suite of risk and fraud solutions to ensure consumer data is protected wherever transactions take place,” Walter Lironi, SVP, Head of Advisory and Value-Added Services, CEMEA, Visa, added.