American Financial Company VISA has been investing in various Artificial Intelligence technology solutions since 1992. And has been doing so to detect and prevent fraud in 534 million transactions that take place daily on its platform with VisaNet that has the potential to authorize over 58,000 transaction messages per second and that too in any fiat currency like the dollar, Penny, Ruble, Rupee, Yen, and such.
Yes, what you’ve read is right!
As network vulnerabilities can lead to a $ 6 trillion loss every year, Visa has been taking the help of Artificial Intelligence and threat detection technologies, to prevent an estimated $25 billion fraud on a global note which otherwise could have taken place on its platform.
For instance, AI-based Visa Advanced Authorization (VAA) has been helping users to prevent transaction frauds. The Visa Risk Manager(VRM) also provides insights into declining real-time suspicious transactions before any untoward takes place.
Visa states that it has been using AI technologies and Machine Learning algorithms from the past three decades to detect fraud, protect its IT ecosystem, and offer Cybersecurity solutions via data-driven insights.
“As hyper-connectivity provides a way to pay faster, it also offers an opportunity for hackers to break into a network. This is where we are using the right technology such as ML and AI tools to connect with our core data systems to leverage the tech in real-time”, said a spokesperson from VISA.
Recently, with a vision to architect the next-generation platform, Visa has hired over 1500 engineers and automatized solutions with an investment of $500 million to mitigate risks.