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Published on 2024-04-03 04:52:10
Visa, a leading digital payments firm, has recently announced the expansion of its global value-added services business with the introduction of three new AI-powered risk and fraud prevention solutions. These new products are part of the Visa Protect suite and are specifically designed to reduce fraud in both immediate account-to-account and card-not-present (CNP) payments, as well as transactions on and off Visa’s network.
The Visa Protect suite is just one component of the Visa value-added services, which include nearly 200 products across five categories: acceptance, advisory, issuing, open banking, and protect. These services aim to help clients navigate the increasing complexities of the payment landscape. With over $10 billion invested in technology and innovation over the last five years, Visa has combined its expertise in AI with fraud prevention to enhance network security and reduce fraudulent activity.
Antony Cahill, the Global Head of Value-Added Services at Visa, emphasized the importance of AI in modern commerce, stating that digital payments extend beyond simple transactions. He emphasized the need for agility, flexibility, and security in today’s competitive business environment. Visa aims to support its clients in achieving their goals and staying ahead in the ever-evolving digital landscape.
Security and fraud prevention are top priorities for Visa, as evidenced by the fact that the company blocked $40 billion in fraudulent activity in 2023 alone. The three new Visa Protect solutions introduced by the company are intended to address client needs and leverage Visa’s deep expertise in AI. These solutions include the expansion of Visa Advanced Authorization and Visa Risk Manager for non-Visa card payments, as well as Visa Provisioning Intelligence and Real-Time Account-to-Account Payment Protection.
Walter Lironi, the SVP and Head of Advisory and Value-Added Services for CEMEA at Visa, highlighted the company’s commitment to providing advanced risk and fraud solutions to protect consumer data in today’s digital-first society. He stressed the importance of ensuring that consumer data is secure no matter where transactions take place.
Each of the new Visa Protect solutions will be available to clients in 2024, with varying release dates depending on the product and market. Visa continues to innovate and invest in technology to stay ahead of fraudulent activity and provide its clients with the tools they need to protect themselves and their customers. With a focus on AI, security, and innovation, Visa is well-positioned to help businesses succeed in the rapidly changing world of digital commerce.
 payments, as well as transactions both on and off Visa’s network.Digital payments firm, Visa has expanded its global value-added services business with three new AI-powered risk and fraud prevention solutions. The new products, part of the end-to-end Visa Protect suite, are designed to reduce fraud across immediate account-to-account and card-not-present (CNP) payments, as well as transactions both on and off Visa’s network.){kind=link}