Visa prevented $40 billion worth of fraud between October 2022 and September 2023. Let’s take a look at how artificial intelligence and machine learning can prevent fraud so effectively.
Credit card fraud is becoming more and more sophisticated. Scammers who try various methods, Every new event surprises us more and more.
Payment giant Visa is also quite capable of dealing with these methods. an innovative system developed. So what is this system?
Visa is making revolutionary strides in preventing fraud using artificial intelligence and machine learning.
James Mirfin, Visa’s global head of risk and identity solutions, told CNBC that these technologies will enable the about $40 billion worth of fraud This is almost a two-fold increase compared to the previous year.
Scammers use artificial intelligence creating primary account numbers (PAN) and is constantly testing. PAN is a card identifier which is usually 16 digits long and in some cases can be up to 19 digits long.
This way, criminals repeatedly try online transactions with card verification values (CVV) and expiration dates. This method, Also known as “enumeration attack” and could lead to $1.1 billion in annual fraud losses, according to Visa.
So how do you think it is detected?
Visa evaluates each transaction It takes into account more than 500 different attributes. That means a pretty big database for Visa, which processes 300 billion transactions. The AI model analyzes and scores every transaction and detects potential fraudulent activity.
James Mirfin said that when a new type of fraud is detected, the model immediately recognizes it and Identifies high risk transactions Visa customers can then choose not to authorize these transactions, he said.
Scammers continue to commit fraud using new technologies such as social engineering and deepfakes.
Generative AI tools make scammers more convincing phishing messages Cybercriminals can trick family members or bank employees into transferring large amounts of money using voice cloning.
Visa’s focus on technology in the last five years $10 billion investment, is an important step towards reducing fraud and improving network security. Visa’s AI and machine learning technologies are delivering impressive fraud prevention results.
In the future, these technologies will be further developed. fraud rates It’s certain that it will continue to drop.
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