Visas solution built on AI prevents USD 25 bln from fraud

Wednesday 19 June 2019 10:08 CET | News

Visa Advanced Authorization (VAA) using artificial intelligence (AI) has helped financial institutions prevent an estimated USD 25 billion in annual fraud, according to Visa’s new analysis.

VAA is a risk management tool that monitors and evaluates transaction authorisations on the Visa global payment network, VisaNet, in real time to help financial institutions identify and respond to emerging fraud patterns and trends. In 2018, Visa processed more than 127 billion transactions between merchants and financial institutions on VisaNet, and employed AI to analyse 100 percent of the transactions. Currently, more than 8,000 financial institutions in 129 countries use Visa Advanced Authorization.

The card scheme pioneered using neural networks modelled after the human brain to power its AI platform to identify possible fraud. This delivers faster and deeper insights through previously unknown correlations.

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Keywords: Visa Advanced Authorization, VAA, Visa, merchants, fraud prevention, retailers, AI, machine learning, fraud, transactions
Countries: World