It’s so important to keep our financial world safe and secure, and that’s why financial institutions are working hard to strengthen their security measures.
Visa is doing its bit by using cutting-edge AI technologies to fight against fraudsters.
Its AI tool is helping to detect enumeration attacks, which are unfortunately all too common in card transactions. Here are all the details…
Visa gets help from AI to fight fraudsters
Visa’s AI tool is really clever because it calculates a real-time risk score for each transaction. This allows financial institutions to block potentially fraudulent transactions more effectively. This amazing system can even spot unusual patterns in card transactions that don’t exist, so it can help to stop fraud before it happens.
With this AI-powered tool, Visa can not only identify a specific attacker but also block multiple suspicious transactions from the same retailer. This keeps all your orders flowing while keeping customers happy. Michael Jabbara, senior vice president and global head of fraud services at Visa, says this technology helps to ensure everyone’s safety and soundness.
A Gallup research shows that identity theft is the top concern of respondents, seen as an even more serious problem than violent crime.
AI has become a tool that makes our lives easier in many areas, from finance to health and education to the arts. Visa’s AI-powered fraud detection tool proves that technology can more effectively meet our daily tasks and security and protection needs. AI is becoming not only a tool to fight fraud in the financial industry but also an indispensable element in solving critical and strategic problems.
It’s great to see AI playing an important role in the fight against fraud in the financial industry, and it’ll be even more effective in the future. Visa’s AI-powered fraud detection tool is a great example of how technology can help us in many ways, not just with our daily tasks but also with keeping us safe and secure. These innovations show us how AI is becoming an indispensable tool for creative and interactive applications and for solving critical and strategic problems.
Featured image credit: stevepb / Pixabay
