Visa is adding three new AI-powered fraud-prevention tools to its suite of products for business clients as the credit-card giant uses the technology to improve security. Among the tools, available to clients starting in the first half of the year, will be one that expands on Visa’s current artificial-intelligence technology that helps detect and block fraud in digital transactions where no credit card is present.
Visa said it helped block $40 billion in fraudulent activity last year, nearly double the total in the previous 12 months. In October, the firm unveiled a $100 million plan to invest in companies focused on generative AI, targeting ventures with the potential to shape how commerce is conducted in the future. The firm isn’t alone in using AI to aid fraud-detection efforts and cut costs.