Visa’s artificial intelligence prevents nearly $ 88 million in fraud from having an impact
Visa, the global leader in digital payments, today announced that its artificial intelligence (AI) solution Visa Advanced Authorization has helped financial institutions prevent nearly $ 88 million in fraud from impacting businesses New Zealanders over the past year.
Visa has pioneered the use of neural networks, modeled on the human brain, to power its AI technology that analyzes the risk of transactions in real time to identify and stop fraud. The AI algorithm evaluates more than 500 risk attributes in about a millisecond to produce a score of the predicted probability of fraud for each transaction.
While fraud rates have remained stable over the past year and broadly close to all-time lows, Visa’s AI-powered security is increasingly critical as payments continue to evolve rapidly online. , where fraudsters tend to commit most of their crimes. NZ Post reported that in 2020, more than two million New Zealanders shopped online, up 9.2% from the previous year, and spent $ 5.8 billion on purchases online, $ 1.2 billion more than in 2019.
“As consumer spending continues to evolve online, scammers are also concentrating. We are investing more than ever in technology that ensures a safe and secure marketplace – fighting fraud while enabling authentic and transparent transactions. This investment, which includes a global Visa team of more than 850 cyberspecialists, covers system resiliency, cybersecurity tools like tokenization, AI and blockchain-based solutions, ”said Anthony Watson, National Director of Visa for New Zealand and the South Pacific.
One of the main threats to emerge for businesses in New Zealand and around the world over the past year is enumeration, the criminal practice of using automation to test and guess payment information such as phone numbers. account, CVV2 and / or expiration dates when paying online.
To counter this, Visa is relying on another AI-based solution, Visa Account Attack Intelligence, which detects data patterns that would otherwise be undetectable by humans. The technology uses cutting-edge machine learning to identify account tests, analyze attack details, and enable Visa to take near real-time action.
Watson concluded, “The most basic attribute in commerce is trust – if a business loses a customer’s trust, it loses sales. The global nature of Visa’s network means that we are able to apply lessons learned from transactions processed by Visa to merchants in all countries and territories where we operate around the world to protect New Zealand businesses.
Visa Inc. (NYSE: V) is the global leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments worldwide and is capable of processing over 65,000 transaction messages per second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for anyone, everywhere. As the world shifts from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit About Visa, visa.com/blog
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