Visa to Test Advanced AI to Prevent Fraud

Visa, AI, Fraud

Visa Inc. is testing advanced AI algorithms aimed at detecting and preventing credit card fraud. The platform is built in house and slated to be launched later this year. Developers using the platform will be able to access a secure data set composed of Visa’s real-time card transactions in such a way that they can test algorithms on a subset of the data before deploying it widely, without disrupting the normal course of global card traffic. Over the past five years, Visa spent about $500 million on AI and data-infrastructure projects. Banks are on track to spend $5.3 billion on AI in 2019, growing to $12.4 billion in 2023, on such initiatives as fraud analysis. The development of the AI platform comes as more consumer credit-card information is leaked in high-profile breaches. Americans reported losing $1.48 billion to fraud including identity theft in 2018, up 38% from 2017, according to the FTC’s analysis of more than 1.4 million fraud reports.

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