Visa Inc. is making significant strides in improving security measures and enhancing its offerings for business customers with the introduction of three new fraud prevention technologies. One of these solutions uses Visa’s existing AI technology to detect and prevent fraud in digital transactions where no credit card is physically present, which will be available to customers in the first half of the year. Additionally, Visa is set to launch real-time account-to-account payments, and aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions.

Anthony Cahill, global head of value-added services at Visa, emphasized the importance of driving bad actors out of the ecosystem with these new technologies. Last year, Visa reported that it helped stop $40 billion worth of fraudulent activity, nearly doubling its efforts from the previous year. In October, the company announced a $100 million strategy to invest in AI-focused businesses to drive future initiatives that could reshape business practices.

Visa’s use of artificial intelligence is not unique as other companies are also leveraging this technology to reduce costs and improve fraud detection capabilities. PayPal Holdings Inc.’s Venmo product uses AI to provide customers with a more personalized online shopping experience while Mastercard Inc., a Visa competitor, offers an AI-powered risk detection tool to help banks identify and prevent customers from sending money to fraudsters.

To further incentivize its customers, Crypto.com has announced that it will reward Visa cardholders with Apple products as an incentive for using its services. This move by Crypto.com underscores how companies are looking for ways to strengthen security measures while also enhancing the overall experience for their customers.

Overall, Visa’s use of artificial intelligence represents a significant step towards improving security measures and creating a better user experience for business customers and consumers alike.

By Samantha Johnson

As a dedicated content writer at newspuk.com, I immerse myself in the art of storytelling through words. With a keen eye for detail and a passion for crafting engaging narratives, I strive to captivate our audience with each piece I create. Whether I'm covering breaking news, delving into feature articles, or exploring thought-provoking editorials, my goal remains constant: to inform, entertain, and inspire through the power of writing. Join me on this journalistic journey as we navigate through the ever-evolving media landscape together.

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