Visa Introduces New AI Tools to Fight Cyber Fraud
Visa, following Mastercard, is adding new AI tools to fight cyber fraud, reports Bloomberg. They will be available in a suite of products for business customers.
Two new IS tools are planned to be released during the first half of 2024.
- The first will expand the existing artificial intelligence technology from Visa. It will detect and block cyber fraud in digital transactions without using a credit card.
- The second is intended for use in real time for money transfers from account to account.
- In addition, the company plans to offer its current products Visa Advanced Authorization and Visa Risk Manager for non-Visa payments.
In 2023, Visa helped block a total of $40 billion in cyber fraud, nearly doubling the level of cyber fraud in the previous 12 months, according to Bloomberg.
At the beginning of 2024, Mastercard announced the development of its own IS system, which, according to them, will be able to increase the effectiveness of detecting cyber fraud by 300%. Decision Intelligence Pro will enable banks in their network to better evaluate suspicious transactions in real time.
This new solution is based on recurrent neural networks, which are the main element of generative IS. Decision Intelligence Pro was built in-house by Mastercard's cybersecurity and anti-cyberfraud teams and uses transformative models to increase the power of generative intelligence decision making.
""" # Glossary """
Glossary
- Visa is a company engaged in financial technologies and payment systems.
- Mastercard is a competitor of Visa, which also offers payment solutions.
- Bloomberg - financial and business information publication.
""" # Link """
Link
Answers to questions
What new IS tools has Visa introduced to combat cyber fraud?
What other products does Visa offer to combat cyber fraud?
How much cyber fraud did Visa block in 2023?
What new IS system has Mastercard announced?
What technologies does the IS system Decision Intelligence Pro from Mastercard use?
Hashtags
Save a link to this article
Discussion of the topic – Visa is implementing innovative AI tools to combat fraud
Visa is expanding its toolset with artificial intelligence to combat fraud. The new AI tools will be available in the first half of 2024 for business customers.
Latest comments
3 comments
Write a comment
Your email address will not be published. Required fields are checked *
Olivia
Interestingly, Visa is keeping pace with Mastercard in implementing AI tools to combat fraud. New technologies promise effective detection of fraudsters in digital transactions. This is an important step in ensuring payment security. 🚀
Leonardo
Please share the details! How do you think these new tools could change the payment landscape in the future? 🤔
Sofia
I am also delighted with this news! It is important that companies provide a high level of security for users. I hope these tools help you avoid scams. 🛡️