The new products, part of the end-to-end Visa Protect suite, are designed to reduce fraud across immediate account-to-account and card-not-present (CNP) payments, as well as transactions both on and off Visa’s network.
Visa, a global company in digital payments, announced continued expansion of its global value-added services business with the addition of three new AI-powered risk and fraud prevention solutions. The new products, part of the end-to-end Visa Protect suite, are designed to reduce fraud across immediate account-to-account and card-not-present (CNP) payments, as well as transactions both on and off Visa’s network.
Visa Protect is one of many additional services offered by Visa, comprising almost 200 products across five essential categories: Acceptance, Advisory, Issuing, Open Banking, and Risk and Identity. Utilizing decades of experience and substantial investments, Visa has dedicated $10 billion solely to technology and innovation in the last five years, leveraging AI and fraud prevention to enhance network security and minimize fraudulent activities, aiding clients in navigating the evolving complexities of the industry.
“Digital payments go far beyond completing a sale – we are entering an era of modern commerce where winners move fast, AI is essential, experiences are flexible and security is native,” said Antony Cahill, Global Head of Value-Added Services, at Visa. “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.”
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Security and fraud prevention are fundamental to Visa. Last year, Visa helped block $40 billion in fraudulent activity, nearly double from the year prior2. Today’s announcement focuses on three Visa Protect solutions that are intended to address client needs and utilize the company’s deep expertise in AI:
- Visa Deep Authorization (VDA): Developed to address challenges facing issuers as a result of increasingly sophisticated digital fraud, VDA is a new transaction risk scoring solution tailored to better manage CNP payments. Powered by a world-class deep learning recurrent neural network (RNN) model and petabytes of contextual data, VDA is designed to combat fraud without disrupting digital transaction experiences.
- Expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa’s extensive, AI-powered fraud risk management solutions are now network scheme agnostic, allowing issuers to simplify their fraud operations into a single fraud detection solution that help strengthen fraud protections while reducing costs.
- Real-Time, Account-to-Account Payment Protection: Visa’s first fraud prevention solution was 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, this new service provides a risk score in real time that helps financial institutions prevent fraud by automatically blocking bad transactions before they happen.
Each product will launch in the first half of 2024. Availability will vary by product and market.
“Real-time, digital payments are nearly ubiquitous, creating a need for security solutions that are transformative and adaptive to the real world,” said James Mirfin, SVP, Global Head of Risk and Identity Solutions, at Visa. “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.”
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