VISA AI VS Fraud: AI Is a Protector that Wards Resources from Deceivers

by Dan Goodin
Industry News 10 May 2022

E-commerce obtained a vaster chance of success when pandemics hit humanity. More customers and clients started using convenient digital payment schemes. Of course, that did not go unnoticed by fraudsters who attempted to snatch extra money. Yet, swindlers stumbled on a serious obstacle — AI. 

Premise: E-Commerce Activation 

Even though convenience seems like a non-ambivalent positive thing, it brings risks. E-commerce preferers started using features like no-touch transactions and tap-to-pay ways. All exchanges started taking minutes, if not seconds. Consequently, the digital commerce volume on networks, including VISA, rose 50%. And even after deals went stabler, e-commerce did not stop booming, Digital Commerce 360 says

The Challenge Humanity Faced and Solved 

In the circs of informational society, data has become humanity’s main resource. And alas, not every system can function 100% efficiently, protecting the digits that decide our everyday life. Moreover, fraudsters’ schemes advance in parallel with technical advancement. And that is the second when AI comes to the stage. 

Humanity needed more capable digital assistants that detect suspicious activity in milliseconds. Attack surface grew — split-second reactions became vital. And fraud rates on Visa’s networks remained as low as possible. According to Visa’s blog post, the company contributed $500 million in data infrastructure and AI. That powered over 60 different AI capabilities. With that stark automation, fraud detection has become supersonic. 

How the Visas’ AI Functions 

Let us dig into data processes a bit. For instance: 

  • Visa Advanced Authorization impeded $26 billion in fraud in 2021. The VAA functions with machine learning features. As a result, it detects fraud (or proves legitimacy) in 300 milliseconds. 
  • Of course, there is pattern learning. The company observes details that may show if that is the legal user of the payment tool. For example, a constant and legal user would have a habit of copying and pasting the security numbers. The system screams about potential fraud if the user types it instead of habitual copy-pasting. 
  • The system also manages to prevent fraud when the process has not started. Moreover, it detects bot attacks and account takeovers momentarily. 

AI’s Power in the Future 

Mostly, robotics only enhances human work by covering more data pieces faster. Yet, the work of analysts and AI teachers may soon alter robotics to an unknown extent for mere users. And now we may say that no vast project can survive without AI.

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