Visa has made significant progress in combating fraud using advanced technology, including artificial intelligence. The company has prevented millions of illegal transactions worth tens of billions of dollars by investing heavily in the development of payment security.
Security of payment systems
Visa prevents fraud
Last year, Visa managed to prevent 80 million fraudulent transactions with a total value of $40 billion. This was made possible thanks to significant investments in the latest technologies, in particular in the field of artificial intelligence. This success was reported by Reuters agency, referring to the statement of a high-ranking official of the company.
Investment in security
Over the past five years, Visa has invested more than $10 billion in technology development. Of this amount, $500 million was directed to the development of artificial intelligence systems and the improvement of data infrastructure. The purpose of these investments is to strengthen the protection of customers and buyers against fraudulent activities.
Scales of cybercrime
Experts predict that by 2025, global economic losses from cybercrime will reach $10.5 trillion. If this amount represented the GDP of an individual country, it would rank third among the world's largest economies.
Evolution of fraudulent schemes
Such a situation has arisen due to the fact that fraud methods are becoming more and more "sophisticated". Criminals are constantly improving their approaches, inventing new ways to defraud consumers and businesses.
Glossary
- Visa is an American multinational company that provides payment transaction services
- Reuters is an international news agency, one of the largest in the world
- AI (Artificial Intelligence) is a branch of computer science that is engaged in the creation of intelligent machines
- GDP (Gross Domestic Product) is a macroeconomic indicator that reflects the market value of all final goods and services
- Cybercrime - criminal activity carried out using computer systems or networks
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How many fraudulent transactions did Visa prevent last year?
How much has Visa invested in technology development over the past five years?
What is the forecast for the cost of cybercrime in 2025?
Why is fraud a growing problem?
How does Visa fight fraud?
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Discussion of the topic – Visa invests in AI and prevents $40 billion in fraud: How technology protects your money
Visa successfully prevented 80 million fraudulent transactions worth $40 billion thanks to investments in advanced technologies, including artificial intelligence. This demonstrates the effectiveness of innovative solutions in the fight against financial crimes.
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Olena
Impressive statistics! 🤯 Wondering exactly how AI helps Visa detect fraudulent transactions? Perhaps it analyzes spending patterns and detects anomalies?
Hans
Olena, I think that AI analyzes many factors: location, amount, frequency of transactions. But what worries me more is that cybercrime could become the 3rd largest economy in the world! 😱 This is a disaster!
Sophie
I agree with Hans! It's really scary. But I'm glad companies like Visa are investing in protection. I wonder if other payment systems are also actively developing similar technologies? 🤔
Dmytro
Wow, $40 billion is the budget of a small country! 💰 But Visa also makes good money from commissions. I wonder what percentage of their profits this security investment is?
Giovanni
That's all great, but let's not forget about privacy. 🕵️♂️ AI is analyzing our transactions and it's a little scary. How does Visa protect our personal data from hackers?
Viktor
Ugh, this digital delusion of yours again! We used to live without all these AIs and the Internet. Cash is the best protection against fraudsters, and you are here with your virtual money... You also lose your privacy.
Olena
Viktor, I understand your concern, but progress cannot be stopped. 😊 Cashless payments are convenient and fast. As for protection, it is constantly being improved. Maybe it's worth trying and evaluating the benefits?
Maria
I wonder if there are any tips from Visa on how we, ordinary users, can additionally protect our funds from fraudsters? 🛡️ Because technologies are technologies, and we have to be vigilant too!