Visa, a leader in digital payments, has announced a significant stride in its commitment to bolstering global value-added services. This initiative introduces three groundbreaking AI-powered solutions dedicated to risk mitigation and fraud prevention. These innovative additions, integrated into the comprehensive Visa Protect suite, are meticulously crafted to combat fraudulent activities across a spectrum of payment channels, including immediate account-to-account and card-not-present (CNP) transactions, both within and beyond Visa's network.
Underpinning Visa's commitment to innovation, Visa Protect joins a comprehensive suite boasting nearly 200 products. This suite spans five vital categories: Acceptance, Advisory, Issuing, Open Banking, and now, Protect. By amalgamating decades of industry expertise with substantial investments in cutting-edge AI and fraud prevention technologies—amounting to $10 billion over the last five years alone—Visa aims to furnish clients with robust solutions for navigating the evolving landscape of payment complexities. Through these concerted efforts, Visa not only champions fraud reduction but also amplifies network security, reinforcing its position as a trusted leader in the realm of digital financial services.
The Visa Protect suite is emblematic of the company's commitment to providing a comprehensive array of value-added services, now encompassing nearly 200 distinct products spanning five pivotal categories: Acceptance, Advisory, Issuing, Open Banking, and Protect. As the landscape of digital transactions continues to evolve, Visa remains steadfast in its resolve to equip clients with the necessary tools to navigate emerging complexities. Leveraging decades of industry expertise and substantial investments in AI and fraud prevention technology, including a staggering $10 billion allocated over the past five years, Visa is dedicated to fortifying network security and mitigating fraudulent risks on a global scale.
“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,” said Antony Cahill, Global Head of Value-Added Services, Visa. “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.”
Security and fraud prevention are fundamental to Visa. Last year, Visa helped block $40 billion in fraudulent activity, nearly double from the year prior . Today’s announcement focuses on three Visa Protect solutions that are intended to address client needs and utilize the company’s deep expertise in AI:
• Expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa’s extensive, AI-powered fraud risk management solutions are now network scheme agnostic, allowing issuers to simplify their fraud operations into a single fraud detection solution that help strengthen fraud protections while reducing costs.
• Visa Provisioning Intelligence (VPI): While tokenization is one of the most secure ways to transact, fraudsters use social engineering and other scams to illegitimately provision tokens and commit fraudulent transactions. VPI, an AI-based product, is designed to address this challenge and combat token fraud at its source by using machine learning to rate the likelihood of fraud for token provisioning requests. VPI, accessible through Visa Risk Manager, helps financial institutions prevent fraud in a targeted way and enables more seamless and secure transactions across devices, e-commerce and card-on-file tokens.
• Real-Time, Account-to-Account Payment Protection: Visa’s first fraud prevention solution built specifically for immediate payments, including P2P digital wallets, account-to-account transactions, and central banks’ instant payment systems. Powered by deep learning AI detection models, this new service provides a risk score in real time that helps financial institutions prevent fraud by automatically blocking bad transactions before they happen.
Each product will be accessible to clients in 2024, with different release dates depending on the product and market.
“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," said Walter Lironi, SVP, Head of Advisory and Value-Added Services, CEMEA, Visa. “These three new AI-powered solutions are built on Visa’s unmatched technology, innovation, and 30-year heritage in AI, as well as our expert risk advisory and managed services practice. We look forward to supporting and accelerating our clients’ and partners’ growth across Central and Eastern Europe, Middle East and Africa."
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