{"id":6358,"date":"2024-05-08T05:42:02","date_gmt":"2024-05-08T12:42:02","guid":{"rendered":"https:\/\/athis-technologies.com\/news\/?p=6358"},"modified":"2024-05-28T05:49:37","modified_gmt":"2024-05-28T12:49:37","slug":"visa-launches-gen-ai-powered-fraud-solution","status":"publish","type":"post","link":"https:\/\/athis-technologies.com\/news\/innovation\/2024\/visa-launches-gen-ai-powered-fraud-solution\/","title":{"rendered":"Visa Launches Gen AI-Powered Fraud Solution"},"content":{"rendered":"\n

\n\nVisa has announced its new generative AI-powered fraud solution \u2013 Visa Account Attack Intelligence (VAAI) Score to combat account attacks<\/p>\n\n\n\n

Visa<\/a> 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. <\/p>\n\n\n\n

The latest product launch from Visa comes as malicious actors continue to adopt and leverage more sophisticated technologies \u2013 such as botnets and automated scripts \u2013 to amplify card testing attacks and exploit transactions at an unprecedented scale and pace.<\/p>\n\n\n\n

Now, Visa hopes to sit at the forefront of combatting this rising threat. <\/p>\n\n\n\n

Visa: Protecting against enumeration attacks<\/h2>\n\n\n\n

Per Visa\u2019s insights, enumeration attacks inflict operational expenses and annual fraud losses of up to US$1.1bn \u2013 a significant portion of global fraud. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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 \u2013 helping detect and prevent enumeration attacks. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Leveraging Gen AI to learn normal and abnormal transaction patterns, Visa\u2019s VAAI Score identifies the likelihood of complex enumeration attacks without compromising the integrity of Visa\u2019s performance and accuracy. <\/p>\n\n\n\n

The launch of VAAI Score comes as Visa hopes to make its services more easily accessible for many by\u00a0joining 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\u00a0Subscription Manager Service.\u00a0<\/p>\n\n\n\n

Paul Fabara<\/a>, Chief Risk and Client Services Officer at Visa, says: \u201cEnumeration can have lasting impacts on our clients and there\u2019s an immediate need for tools that can better detect and prevent these attacks in real-time.<\/p>\n\n\n\n

\u201cWith 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.\u201d<\/p>\n\n\n\n

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:<\/p>\n\n\n\n