AI-Powered Security for the Future of Payments
As the online economy grows, so does digital payment fraud. It’s a rising problem for eCommerce merchants and financial institutions alike.
As a leader in the AI space for the past three decades, Visa is fighting hard against the rising tide of digital payment fraud. In 2023 alone, the company helped block $40 billion in fraud — nearly double the amount from the previous year. Visa Protect, a suite of innovative risk solutions, helps consumers, merchants, and financial institutions protect digital transactions from start to end. “Securing payments is our top priority,” Mirfin says. “If you don’t have a secure payment system, all the other value falls down very quickly.
Visa Protect: AI-Powered Risk Mitigation
As a leader in the AI space for the past three decades, Visa is fighting hard against the rising tide of digital payment fraud. In 2023 alone, the company helped block $40 billion in fraud — nearly double the amount from the previous year. Visa Protect, a suite of innovative risk solutions, helps consumers, merchants, and financial institutions protect digital transactions from start to end. “Securing payments is our top priority,” Mirfin says. “If you don’t have a secure payment system, all the other value falls down very quickly.
Fraudsters also use AI to create deepfakes — such as audio or video that mimic the voice and appearance of real people — to trick victims into making payments.
AI and machine learning provide the bedrock of Visa’s payment security strategy. Automation and data analytics tools allow the company to analyze billions of transactions in real-time annually and identify anomalies and patterns that may indicate fraudulent activity. “There’s huge value in the models Visa has because of the size of our network and how quickly we can detect emerging types of fraud and identify high-risk transactions,” says Mirfin. That agility empowers merchants to walk the fine line between smoothing the payment experience and managing fraud.
For example, Visa Provisioning Intelligence uses AI to rate the likelihood of fraud for token provisioning requests, helping banks protect consumers’ account information and prevent fraud in a targeted way. The product generates a real-time fraud propensity score when a request is received, allowing the financial institution to decide whether to accept or decline. Expanding its transaction fraud capabilities beyond Visa card payments, Visa Advanced Authorization and Visa Risk Manager allow financial institutions to use a single fraud detection solution in various regions to cover both Visa and non-Visa card transactions.
