Visa is Testing Advanced AI for Fraud Prevention
Visa Inc. (Visa) is releasing its new cloud-based platform for testing artificial intelligence (AI) algorithms related to detecting and preventing credit card fraud. The platform has been developed in-house and reflects an increasing trend in implementing AI for pattern detection in the financial services industry.
Visa, over the past five years, has spent over $500 million on AI technologies. Visa’s current fraud technology, Visa Advanced Authorization (VAA), has prevented an estimated $25 billion in fraud as of April 30, 2019. The banking industry is set to spend $5.3 billion on AI technologies in 2019 alone, making them the second largest spender on AI technologies this year.
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