Visa, a prominent figure in the digital payments landscape, has unveiled the addition of three new AI-powered risk and fraud prevention solutions as part of its global value-added services portfolio. These innovative products, integrated into the comprehensive Visa Protect suite, aim to combat fraud in various payment scenarios, including immediate account-to-account and card-not-present (CNP) transactions, both on and off Visa’s network.

The expansion of Visa Protect marks a significant milestone in Visa’s commitment to fortify security measures in the digital payment ecosystem. With nearly 200 products under its value-added services umbrella, spanning critical categories such as Acceptance, Advisory, Issuing, Open Banking, and Protect, Visa continues to invest significantly in AI and fraud prevention technologies. Over the last five years, Visa has dedicated $10 billion to technology and innovation, underscoring its dedication to reducing fraud and enhancing network security.

Antony Cahill, Global Head of Value-Added Services at Visa, emphasized the evolving landscape of digital payments, stating, “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. 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.”

Fraud prevention remains a cornerstone of Visa’s mission, with the company having blocked $40 billion in fraudulent activity last year alone. The newly introduced Visa Protect solutions leverage AI technology to address specific client needs, including:

1. Expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: These AI-powered fraud risk management solutions are now network scheme agnostic, simplifying fraud operations for issuers and enhancing fraud protections while reducing costs.
2. Visa Provisioning Intelligence (VPI): Utilizing machine learning, VPI addresses token fraud by assessing the likelihood of fraud for token provisioning requests, thereby enabling financial institutions to prevent fraudulent transactions more effectively.
3. Real-Time, Account-to-Account Payment Protection: Visa’s first fraud prevention solution tailored for immediate payments, powered by deep learning AI detection models, provides real-time risk scores to financial institutions, enabling them to block fraudulent transactions proactively.

Walter Lironi, Senior Vice President, Head of Advisory and Value-Added Services, CEMEA, Visa, highlighted the importance of these solutions in today’s digital landscape, stating, “In today’s digital-first society, Visa remains focused on enabling an advanced suite of risk and fraud solutions to ensure consumer data is protected wherever transactions take place.”

Visa’s new AI-powered solutions are slated for release throughout 2024, catering to different markets and client needs. With a steadfast commitment to security and innovation, Visa continues to lead the charge in safeguarding digital transactions worldwide. For more information on Visa’s value-added services and end-to-end security solutions, visit Visa.com.