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Visa Introduces Innovative Fraud Prevention Technology Utilizing Artificial Intelligence

Visa Inc. is leading the charge in utilizing artificial intelligence (AI) to enhance security measures and expand its offerings for business clients with three new fraud prevention technologies. The first of these solutions employs Visa’s existing AI technology to detect and prevent fraud in digital transactions where no credit card is physically present. This solution will be available to clients in the first half of the year, providing an additional layer of protection against financial crimes.

Another technology will be used for real-time account-to-account payments, as announced by Visa on Wednesday. This innovation will streamline payment processing and improve efficiency, making it easier for businesses to manage their finances. Additionally, Visa aims to accept payments without Visa cards through its current Visa Advanced Authorization and Visa Risk Manager solutions, further expanding its reach and convenience for consumers and businesses alike.

Visa’s global head of value-added services, Antony Cahill, emphasized the importance of driving out bad actors from the ecosystem through these new technologies. Last year, Visa helped stop $40 billion worth of fraudulent activity, nearly doubling its efforts from the previous year. The company’s $100 million strategy in October to invest in AI-focused businesses highlights its commitment to staying ahead of the curve and driving future initiatives that could reshape business practices.

PayPal Holdings Inc.’s Venmo product also leverages AI to provide customers with a more personalized online shopping experience. Mastercard Inc., another competitor of Visa, offers a risk detection tool powered by AI to help banks identify and prevent customers from sending money to fraudsters. These advancements show that companies are increasingly relying on AI to cut costs and enhance fraud detection capabilities.

As a reward for using its services, Crypto.com will offer Apple products to Visa cardholders who sign up with them before June 30th. This incentive highlights the growing popularity of cryptocurrencies and their potential impact on traditional financial systems like credit cards.

In conclusion, Visa’s utilization of AI is a step towards strengthening security measures and improving the overall experience for its business clients and consumers alike. As more companies adopt similar technologies, we can expect a shift towards a more secure and efficient financial system in the future.

By Samantha Jones

As a dedicated content writer at newsaca.com, I bring a unique blend of creativity and precision to my work. With a passion for storytelling and a keen eye for detail, I strive to craft engaging and informative articles that captivate our readers. From breaking news to thought-provoking features, I am committed to delivering content that resonates with our audience and keeps them coming back for more. Join me on this exciting journey as we explore the ever-evolving world of news and information together.

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