How Visa employed artificial intelligence to check $40 billion in fraud as scammers also take to AI

Category: Finance

Visa has leveraged artificial intelligence and machine learning to prevent $40 billion in fraudulent activities from October 2022 to September 2023. The company employs AI to analyze over 500 transaction attributes, scoring each for risk to combat enumeration attacks, which account for $1.1 billion in annual fraud losses. Visa's AI models adapt to new fraud tactics, enhancing security for online transactions and token provisioning requests.

Keywords: Visa, fraud prevention, artificial intelligence

Source: CNBC

Update At: 7/27/2024

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