How Does Visa Prevent Fraud with Artificial Intelligence?

Credit card fraud can become more complex day by day. Scammers who try various methods, It surprises us even more with each new event.

Payment giant Visa is also working hard to deal with these methods. an innovative system developed. So what is this system?

Visa is taking revolutionary steps in preventing fraud using artificial intelligence and machine learning.

James Mirfin, Visa’s head of global risk and identity solutions, told CNBC that thanks to these technologies, from October 2022 to September 2023 Approximately 40 billion dollars worth of fraud stated that it was blocked. This means an almost double increase compared to the previous year.

Fraudsters using artificial intelligence creating primary account numbers (PAN) and constantly testing. PAN is a card identifier that is usually 16 digits long and can be up to 19 digits in some cases.

In 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 fraud losses annually, according to Visa.

So how do you think it is detected?

When evaluating each transaction, Visa It considers more than 500 different attributes. This means a very large database for Visa, which carries out 300 billion transactions. The artificial intelligence model analyzes and scores each transaction and detects potential fraudulent activities.

James Mirfin said that when a new type of fraud is detected, the model immediately detects it and Identifies high risk transactions told. Thus, Visa’s customers can choose not to confirm these transactions.

Fraudsters continue to commit fraud using new technologies such as social engineering and deepfake.

Generative AI tools can make fraudsters more convincing phishing messages enables it to create . Cybercriminals can transfer large amounts of money by deceiving family members or bank employees with voice cloning.

Visa’s focus on technology in the last five years 10 billion dollar investment An important step towards reducing fraud and improving network security. Visa’s artificial intelligence and machine learning technologies deliver impressive fraud prevention results.

In the future, these technologies will be further developed fraud rates It is certain that it will continue to decline.

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