VisaAI-based security protocols have helped financial institutions prevent more than $ 354 million in fraud from impacting Australian businesses in the 12 months ending in April, according to company estimates.
Visa uses neural networks modeled on the human brain to power its AI technology, designed to analyze transaction risk in real time to detect and stop fraud.
The algorithm is capable of evaluating more than 500 risk attributes in about a millisecond to produce a score of the predicted probability of fraud of each transaction.
Visa’s chief risk officer for ANZ and South Pacific Carolina Gallegos said these fraud detection capabilities are proving vital in light of the boom in online retail spending. AusPayNet data shows that online retail spending grew 44% in 2020, but card fraud only grew 0.3% over the same period.
âWe have a global team of approximately 850 Visa employees dedicated to anticipating and combating new threats as fraudsters find new ways to attack,â she said.
âTrust 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.
AI technology is being used to counter one of the main payment threats that has emerged in Australia and around the world over the past year – enumeration, a crime that involves using automation to test and guess Payment credentials such as account numbers, CVVs and credit card expiration dates during online checkout.
The system was trained to detect patterns of data that would otherwise be undetectable by humans in order to alert merchants and financial institutions before the start of these fraudulent transactions.
âSimply put, business is evolving online, so scammers are focusing their efforts online and Visa’s AI security helps make every assessment a fraction of a second more sophisticated,â said Gallegos.
âMost of the time, breaches can happen months before fraud happens, so we help businesses identify early on if they’ve been victimized and take action before it happens. “