Visa’s Artificial Intelligence Prevents Nearly $88 Million In Fraud From Impacting | Scoop News – Scoop

Friday, 19 November 2021, 12:32 pmPress Release: Visa

Visa, the worlds leader in digital payments, has todayannounced its artificial intelligence (AI) solution VisaAdvanced Authorisation has helped financial institutions toprevent nearly $88 million in fraud from impacting NewZealand businesses in the past year.

Visa pioneeredthe use of neural networks, modeled on the human brain, topower its AI technology that analyses the risk oftransactions in real-time to identify and stop fraud. The AIalgorithm assesses more than 500 risk attributes in roughlya millisecond to produce a score of every transactionspredicted fraud probability.

While fraud rates haveremained stable over the past year and globally nearhistoric lows, Visas AI-powered security is increasinglycritical as payments continue a rapid shift online, wherefraudsters tend to commit most of their crime. NZ Postreported that in 2020, over two million New Zealandersshopped online, up 9.2% on the prior year, and spent $5.8billion on online shopping $1.2 billion more than in2019.

As consumer spending continues to moveonline, so has the focus of fraudsters. We are investingmore heavily than ever in technology that ensures a safe andsecure marketplace - combatting fraud while enablingseamless, genuine transactions. This investment, whichincludes a global Visa team of over 850 cyber specialists,covers systems resilience, cybersecurity tools liketokenisation, AI and blockchain-based solutions, saidAnthony Watson, Visas Country Manager for New Zealand andSouth Pacific.

One of the top threats to emerge forbusinesses in New Zealand and globally the past year isenumeration, the criminal practice that involves usingautomation to test and guess payment credentials such asaccount numbers, CVV2, and/or expiry dates during onlinecheckout.

To counter this, Visa is leveraging anotherAI-powered solution, Visa Account Attack Intelligence, whichspots patterns in data that are otherwise undetectable byhumans. The technology uses cutting-edge machine learning toidentify account testing, analyse the details of the attack,and enable Visa to take action in nearreal-time.

Watson concluded: The most fundamentalattribute in commerce is trust if a business loses acustomers trust, they lose sales. The global nature ofVisas network means were able to apply learnings fromtransactions processed by Visa at merchants in every countryand territory we operate in around the world to protect NewZealand businesses.

Visa Inc. (NYSE:V) is the worlds leader in digital payments. Our missionis to connect the world through the most innovative,reliable and secure payment network - enabling individuals,businesses and economies to thrive. Our advanced globalprocessing network, VisaNet, provides secure and reliablepayments around the world, and is capable of handling morethan 65,000 transaction messages a second. The companysrelentless focus on innovation is a catalyst for the rapidgrowth of digital commerce on any device for everyone,everywhere. As the world moves from analog to digital, Visais applying our brand, products, people, network and scaleto reshape the future of commerce. For more information,visit AboutVisa, visa.com/blogand @VisaNews.

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Visa's Artificial Intelligence Prevents Nearly $88 Million In Fraud From Impacting | Scoop News - Scoop