Egypt-Visa prevents almost USD 25 bln in fraud with AI

Tuesday 25 June 2019 13:28 CET | News

Visa has revealed a new analysis showing Visa Advanced Authorization (VAA) using AI helped financial institutions prevent an estimated USD 25 billion in annual fraud.

VAA is a comprehensive risk management tool that monitors and evaluates transaction authorisations on the Visa global payment network, VisaNet. This is done in real time, so that financial institutions could promptly identify and respond to emerging fraud patterns and trends.

The new solution is a layer of fraud prevention that can help drive down risk and fraud for financial institutions and retailers. It is also meant to help reduce friction due to false declines for payment account holders. More than 8,000 financial institutions in 129 countries use VAA.

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Keywords: Egypt, Visa, fraud, AI, fraud prevention, authorisation, risk management, payments , financial institutions, transactions , identity, retailers, accounts, VAA
Countries: World

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