Problems such as identity theft and fraud increase when increasingly powerful artificial intelligence tools fall into the hands of cybercriminals. But the good news is that these tools are also available for financial institutions and cybersecurity firms. Visais taking an important step in the fight against fraud by using a new artificial intelligence tool.
Visa launches a new fight against fraudsters with artificial intelligence
This technology used by Visa artificial intelligence It’s based on the same technology used to optimize CVs, create realistic images and write creative poetry using chatbots. However, this tool is trained to analyze financial transactions, not books, articles and social media posts, to understand how words are used.
One example of this type of fraud is known as a brute force attack. In this attack, a malicious person uses hundreds of thousands of card information combinations when making online payments. The target is able to find the correct combination of card number, expiration date and three-digit security code.
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A confirmed transaction means valid account information, which can then be sold on the dark web or used for unauthorized purchases. It is stated that such attacks on Visa’s network have caused more than $1 billion in damage in the last year. This makes this type of fraud one of the most common types.
The tool Visa uses to prevent this type of fraud is a system called Visa Account Attack Intelligence (VAAI), which has been available since 2019. Now it has added a scoring system called VAAI Score, instantly assigning a risk score to each transaction to better assess the likelihood of such attacks.
With VAAI Score, Visa aims to help card issuers make better decisions about blocking transactions. In this way, valid purchases of real card holders are not rejected as a preventive measure. VAAI Score is first available for card issuers in the United States.
VAAI Score is trained on more than 15 billion Visa transactions to learn normal and abnormal transaction patterns and evaluates previous spending patterns to determine the risk score for each online transaction. These AI-based tools from Visa mark a significant advance in cybersecurity and the financial sector.
However, it is not known exactly what new methods artificial intelligence-supported security tools will offer to prevent fraud in the future. What impact will such technologies have on consumer security and privacy? You can share your comments with us in the comments section below.