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Visa will add three new AI-based fraud prevention tools to enhance security.
Visa announced on the 27th (local time) that it plans to expand Visa’s current AI technology to detect and block fraud in digital transactions without a need for credit cards and real-time account-to-account payments.
The company also plans to unveil its advanced authentication and risk management products for payments not made with a Visa card.
It also mentioned last year that AI technology helped block nearly twice the total amount of fraud in the previous 12 months, which was $40 billion.
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Last October, Visa also announced a $100 million investment plan to focus on generative AI that can solidify future commerce methods.
On the other hand, Visa is not the only company using AI to assist in fraud detection efforts and reduce costs.
Competitor Mastercard is selling an AI-based risk detection tool to help banks more effectively determine whether a customer is trying to send money to a scammer.
Additionally, PayPal Holdings announced in January that its Venmo product would use AI to provide consumers a more personalized online shopping experience.
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