• Visa introduces new products within its Visa Protect suite aimed at reducing fraud for business clients, including Visa Deep Authorization (VDA), Visa Advanced Authorization (VAA), and Visa Risk Manager (VRM), all powered by deep learning AI models.
  • These solutions are designed to combat fraudulent activities in immediate account-to-account, card-not-present payments, and transactions on and off Visa’s network, leveraging advanced technology and extensive contextual data to enhance security measures and prevent fraudulent transactions in real time.

Visa has added a trio of AI-powered risk and fraud prevention tools to its suite of products for businesses.

VDA is a tool that depends on AI to combat fraud

The new AI-powered fraud prevention tools are a part of the Visa Protect suite and are designed to reduce fraud across immediate account-to-account and card-not-present payment, as well as transactions both on and off Visa’s network.

The new Visa Deep Authorisation (VDA) is a transaction risk scoring tool tailored to better manage CNP payments. Powered by deep learning AI risk models and petabytes of contextual data, VDA is designed to combat fraud without disrupting digital transaction experiences.

Visa revealed that it helped block $40 billion in fraudulent activity last year, nearly double from 2022.

Also read: Visa, Western Union expand cross-border money transfers

Visa is integrating AI into fraud-preventing tools further

The company has unveiled its first fraud prevention tool built specifically for immediate payments, including P2P digital wallets, account-to-account transactions, and central banks’ instant payment systems. Powered by deep learning AI detection models, the service provides a risk score in real time that helps financial institutions prevent fraud by automatically blocking bad transactions before they happen.

James Mirfin, SVP, global head, risk and identity solutions, Visa, says: “As digital fraud grows in volume and sophistication, Visa is keeping pace by bolstering our powerful suite of risk and fraud solutions through our unmatched technology innovation and AI expertise, and expanding their utility beyond the Visa network.”