Home Innovation Fintech Visa Launches Gen AI-Powered Fraud Solution

Visa Launches Gen AI-Powered Fraud Solution

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Visa has announced its new generative AI-powered fraud solution – Visa Account Attack Intelligence (VAAI) Score to combat account attacks

Visa has launched a new generative AI (Gen AI) powered fraud solution, Visa Account Attack Intelligence (VAAI) Score, to help identify the likelihood of enumeration attacks in card-not-present transactions. 

The latest product launch from Visa comes as malicious actors continue to adopt and leverage more sophisticated technologies – such as botnets and automated scripts – to amplify card testing attacks and exploit transactions at an unprecedented scale and pace.

Now, Visa hopes to sit at the forefront of combatting this rising threat. 

Visa: Protecting against enumeration attacks

Per Visa’s insights, enumeration attacks inflict operational expenses and annual fraud losses of up to US$1.1bn – a significant portion of global fraud. 

To combat this, Visa has updated its VAAI offering with the addition of VAAI Score, a new tool that uses Gen AI components to identify and score enumeration attacks. 

Made available to US issuers first, the VAAI Score will help reduce fraud and operational losses by assigning card-not-present transactions with a real-time risk score – helping detect and prevent enumeration attacks. 

The payments processing giant hopes the effectiveness of this latest innovation is significant, with Visa insights revealing that 33% of enumerated accounts experienced fraud within five days of a fraudster gaining access to payments information. 

Leveraging Gen AI to learn normal and abnormal transaction patterns, Visa’s VAAI Score identifies the likelihood of complex enumeration attacks without compromising the integrity of Visa’s performance and accuracy. 

The launch of VAAI Score comes as Visa hopes to make its services more easily accessible for many by joining the AWS Partner Network, streamlining access to its services for cloud-native fintech, financial institution and enterprise clients. It also follows the release of its new Subscription Manager Service. 

Paul Fabara, Chief Risk and Client Services Officer at Visa, says: “Enumeration can have lasting impacts on our clients and there’s an immediate need for tools that can better detect and prevent these attacks in real-time.

“With the VAAI Score, our clients now have access to real-time risk scoring that can help detect the likelihood of an enumeration attack so issuers can make more informed decisions on when to block a transaction.”

Visa says its new tool has helped reduce the false positive rate by 85% compared to other risk models. VAAI SCORE CAN HELP ISSUERS WITH:

  • . Reduced fraud and operational losses
  • . Improved cardholder experience
  • . Real-time transaction scoring

The VAAI Score model has been trained on over 15 billion VisaNet transactions and has six times the number of features compared to previous VAAI models, helping it better assess suspicious enumeration patterns. 

Using noisy data to train its real-time AI model, Visa’s new risk scoring method derives a two-digit risk score that predicts the likelihood of enumeration to better determine when to approve and decline a transaction. 

Michael Jabbara, SVP and Global Head of Fraud Services at Visa, says: “With access to advanced technology, fraudsters are monetising stolen credentials faster than ever before.

“Enumerated transactions impact the entire ecosystem, and with the VAAI Score, we’re giving our clients a sophisticated tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they happen.”