Visa, announced a digital tool to help U.S. financial institutions with their efforts to combat new account fraud – estimated at $10 billion a year – and give consumers greater peace of mind.
Advanced Identity Score combines Visa’s artificial intelligence and predictive machine learning capabilities with application and identity related data to generate a risk score for new account applications to help reduce fraud, prevent negative impact to brand loyalty and trust, and eliminate operational costs due to remediation. With U.S. cardholders spending an average of 15 hours to resolve new account fraud, Advanced Identity Score can decrease the number of new accounts opened with stolen identities, protect consumers against synthetic ID or account takeover fraud, save time and help eliminate a poor customer experience.
“Visa’s mission to connect the world and enable individuals, businesses, and economies to thrive is more important than ever with Covid-19 affecting communities and all parts of the economy,” said Melissa McSherry, senior vice president and global head of Data, Security and Identity Products and Solutions at Visa. “As consumers, financial institutions and merchants focus on controlling expenses during uncertain times, the cost of new account fraud in terms of money and time lost can be significant. Advanced Identity Score offers financial institutions a powerful tool to use on top of existing systems and processes to prevent identity related fraud. This is the latest example of the value that Visa brings with its scale and expertise in combining data with AI to deliver advanced services that benefit participants in the digital economy.”
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