How Visa uses AI to secure payments



Protecting Australian businesses is the result of Visa pioneering the use of neural networks modeled on the human brain, to power its AI technology that analyzes the risk of transactions in real time to find and stop fraud. The algorithm evaluates more than 500 risk attributes in about a millisecond to produce a score of the predicted probability of fraud of each transaction.

Visa’s AI-powered security is increasingly critical as payments continue to rapidly evolve online. This reflects new data released by AusPayNet which shows that overall card fraud remained largely unchanged in 2020 – up 0.6% despite a 44% online retail spending boom – highlighting that sophisticated metrics fraud prevention programs prevent fraudsters from entering.

Visa Australia, New Zealand and South Pacific Risk Manager Carolina Gallegos said the company has a global team of around 850 Visa employees dedicated to anticipating and combating new threats as fraudsters find new ways to attack.

“Trust underpins everything we do at Visa, including our approach to innovation. We are investing more than ever in system resiliency, fraud management and cybersecurity, including tokenization, AI and blockchain-based solutions to bring even more security to Australian e-commerce and businesses ”, Ms. Gallegos said.

One of the main threats to emerge in Australia and the world over the past year is enumeration, the criminal practice of using automation to test and guess payment information such as account numbers, CVV2 and / or expiration dates when paying online. To counter this, Visa is leveraging its AI-based technology to spot patterns of data that would otherwise be undetectable by humans, and alert affected merchants and financial institutions before fraudulent transactions begin.

“Simply put, commerce moves online, so scammers are focusing their efforts online and Visa’s AI security helps make every split-second assessment more sophisticated. Most of the time, breaches can happen months before the fraud occurs, so we help businesses identify early on if they have been victimized and take action before it happens, ”Ms. Gallegos.

Security at the forefront for customers who shop online

A new independent study commissioned by Visa, conducted by global strategy consultancy CLEAR in May and among 2,045 Australian debit cardholders, found that the security benefits were at the forefront of consumers when they they were online transactions.

When consumers were asked what features they saw as important when using a debit card to make payments, security benefits were at the top of the list and were seen as even more important for debit payments by online than in store. Almost three in four consumers (73%) saw protection against fraudulent purchases as a very important benefit of the card. Ensuring that personal data remains confidential and receiving fraudulent purchase alerts were also in second place (70% each).

“As e-commerce and in-app purchases become increasingly popular, the industry must continue to innovate and invest in technology that protects the trust we have established between businesses and their customers,” said Ms. Gallegos. .

How Visa uses AI to secure payments

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Last updated: October 11, 2021

Posted: October 12, 2021


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