SAN FRANCISCO, Tuesday, July 30, 2024- Visa Inc. has successfully deployed artificial intelligence to prevent a staggering $40 billion in fraudulent transactions over the past year, a company executive said Thursday.
The payment giant’s use of AI and machine learning has been instrumental in combating a surge in cybercrime that has nearly doubled in recent times.
James Mirfin, Visa’s global head of risk and identity solutions, revealed that the company analyzes over 500 attributes for each transaction, assigning a real-time risk score to detect and prevent fraud. This sophisticated system has proven particularly effective in thwarting enumeration attacks, a fraudulent method where scammers generate and test countless primary account numbers (PANs).
Visa’s investment in technology to combat fraud extends beyond AI. The company has allocated $10 billion over the past five years to bolster network security and develop innovative fraud prevention solutions.
The surge in fraudulent activities, fueled by advancements in technology, poses a significant threat to the global economy. Cybercrime is expected to cost the world $10.5 trillion annually by 2025, according to industry estimates. From the use of AI-generated fake IDs to bypass security checks to the rise of deepfake scams, fraudsters are becoming increasingly sophisticated.
Visa’s success in preventing $40 billion in fraudulent transactions underscores the critical role of technology in safeguarding consumers and businesses from financial loss. As cyber threats continue to evolve, the company’s commitment to innovation in fraud prevention is essential to maintaining trust in the digital payment ecosystem.
