Visa has announced the addition of three new AI-powered risk and fraud prevention solutions. The new products, part of the end-to-end Visa Protect suite, are designed to reduce fraud across immediate account-to-account, card not present (CNP) payments, and transactions both on and off Visa’s network.
Visa Protect is part of a broad suite of Visa value-added services that have grown to nearly 200 products. To help clients navigate a growing number of complexities, Visa has expertise and significant investments in both AI and fraud prevention to help reduce fraud and increase network security. Each product will be accessible to clients in 2024, with different release dates depending on the product and market.
The newly launched products focus on three Visa Protect solutions that are intended to address client needs and utilize the company’s expertise in AI, as highlighted below.
- Expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) for non-Visa card payments: Visa’s extensive, AI-powered fraud risk management solutions are now network scheme agnostic, allowing issuers to simplify their fraud operations into a single fraud detection solution that help strengthen fraud protections while reducing costs.
- Visa Provisioning Intelligence (VPI): While tokenization is one of the most secure ways to transact, fraudsters use social engineering and other scams to illegitimately provision tokens and commit fraudulent transactions.
- Real-Time, Account-to-Account Payment Protection: Visa’s first fraud prevention solution built specifically for immediate payments, including P2P digital wallets, account-to-account transactions, and instant payment systems.
Speaking on the newly unveiled Visa Protect solutions, Antony Cahill, Global Head of Value-Added Services at Visa said, “Digital payments go far beyond completing a sale – we are entering an era of modern commerce where winners move fast, AI is essential, experiences are flexible and security is native. Businesses are looking for partners that can enable their ambitions to compete and win and we’re proud to be the trusted partner helping a growing number of clients do exactly that in today’s highly competitive environment.”