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.
According to the firm, Visa Protect is part of a broad suite of Visa value-added services that have grown to nearly 200 products, spanning five high-demand categories including acceptance, advisory, issuing, open banking and protect, which are to help clients navigate a growing number of complexities.
Visa said it has combined decades of expertise and significant investments in both AI and fraud prevention, with $10 billion over the last five years alone in technology and innovation, to help reduce fraud and increase network security.
Global Head of Value-Added Services, Visa, Antony Cahill, said: “Digital payments go far beyond completing a sale – we are entering an era of modern commerce where winners move fast, AI is essential, experiences are flexible and security is native.
“Businesses are looking for partners that can enable their ambitions to compete and win and we’re proud to be the trusted partner helping a growing number of clients do exactly that in today’s highly competitive environment.”
The firm noted that security and fraud prevention are fundamental to Visa. It disclosed that in 2023, Visa helped block $40 billion in fraudulent activity, nearly double from the year prior.
It said the new announcement focuses on three Visa Protect solutions that are intended to address client needs and utilise the company’s deep expertise in AI. They include the Expansion of Visa Advanced Authorisation (VAA) and Visa Risk Manager (VRM) for non-visa card payments; Visa Provisioning Intelligence (VPI) and Real-Time, Account-to-Account Payment Protection.
Each product will be accessible to clients in 2024, with different release dates depending on the product and market.
SVP, Head of Advisory and Value-Added Services, CEMEA, Visa, Walter Lironi, said: “In today’s digital-first society, Visa remains focused on enabling an advanced suite of risk and fraud solutions to ensure consumer data is protected wherever transactions take place.
