Visa: AI Helped Block 80 Million Fraudulent Transactions in 2023

Category: Finance

Visa's investments in AI and technology have enabled the blocking of 80 million fraudulent transactions worth $40 billion in 2023. The company has invested over $10 billion in technology over the past five years, including $500 million specifically for AI and data infrastructure. Visa launched an AI-powered fraud detection service in the UK and introduced a generative AI solution to combat enumeration attacks. These efforts are part of a broader trend among financial institutions using AI and ML to reduce fraud.

Keywords: Visa, Artificial Intelligence, Fraud Prevention

Source: PYMNTS.com

Update At: 7/27/2024

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