Visa Advances Digital Payment Security with Innovative AI-Powered Services

Visa is expanding its global value-added services business, introducing three new AI-powered risk and fraud prevention solutions aimed at enhancing the security and efficiency of digital payments worldwide. This strategic move underscores Visa’s commitment to leveraging cutting-edge technology to safeguard transactions and foster trust in the rapidly evolving payments landscape. As digital commerce continues to expand, Visa’s innovative solutions are poised to play a crucial role in shaping the future of financial transactions, emphasizing the company’s leadership in the digital payments industry.

The newly launched products are part of the Visa Protect suite, an end-to-end solution designed to mitigate fraud across various payment scenarios, including immediate account-to-account, card-not-present (CNP) transactions, and activities both within and beyond Visa’s network. This suite is a testament to Visa’s proactive approach in addressing the complexities of modern digital payments, offering a robust line of defense against fraudsters while ensuring seamless transaction experiences for users.

Visa Protect aligns with Visa’s broader suite of value-added services, which now encompasses nearly 200 products across five critical categories: Acceptance, Advisory, Issuing, Open Banking, and Protect. This extensive portfolio reflects Visa’s dedication to supporting its clients through a combination of technological innovation and deep industry expertise. With a staggering $10 billion investment in technology and innovation over the past five years, Visa has fortified its commitment to enhancing network security and reducing fraud, thereby reinforcing its position as a trusted partner in the digital payments ecosystem.

Antony Cahill, Visa’s Global Head of Value-Added Services, highlights the significance of AI and security in the era of modern commerce. Cahill’s statement, “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,” encapsulates Visa’s vision for the future of payments. The company’s efforts to equip businesses with the tools they need to thrive in a competitive environment are evident in its growing client base, with Visa’s largest 265 clients now leveraging an average of 22 of its value-added services products.

Security and fraud prevention are at the core of Visa’s operations. The company’s success in blocking $40 billion in fraudulent activity last year—nearly double the amount from the previous year—underscores the effectiveness of its risk management strategies. The introduction of the three Visa Protect solutions further extends Visa’s capabilities in this domain. These include the expansion of Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM) to non-Visa card payments, Visa Provisioning Intelligence (VPI) to combat token fraud, and a real-time, account-to-account payment protection service tailored for immediate payments. Each solution leverages AI to provide a nuanced approach to fraud prevention, reflecting Visa’s deep expertise and innovation in the field.

Scheduled for release in 2024, these solutions are tailored to meet the diverse needs of Visa’s clients, emphasizing the company’s role as a pivotal player in the global payments industry. Walter Lironi, SVP, Head of Advisory and Value-Added Services, CEMEA at Visa, reiterated the company’s commitment to protecting consumer data and facilitating secure transactions across a variety of platforms. Lironi’s remarks highlight Visa’s unparalleled technology, innovation, and AI heritage, which serve as the foundation for its new AI-powered solutions.

Visa Inc. stands as a beacon in the world of digital payments, bridging gaps between consumers, merchants, financial institutions, and governments across more than 200 countries and territories. Its mission to connect the world through an innovative, convenient, reliable, and secure payments network is more relevant than ever in today’s digital-first society. As Visa continues to introduce advanced risk and fraud solutions, it not only protects consumer data but also supports the growth and development of businesses and economies globally. Through its strategic investments in AI and fraud prevention, Visa is shaping a future where digital transactions are not only seamless but also inherently secure, fostering an environment where economies can thrive inclusively and sustainably.