The new products are designed to reduce fraud in both instantaneous account-to-account and card not present (CNP) payments, as well as transactions that occur on and off the Visa network. They are integrated into the end-to-end Visa Protect suite.

Visa Protect is a component of a comprehensive range of value-added services offered by Visa, which has grown to encompass about 200 items in five well-liked categories: open banking, acceptance, advice, issuance, and protect.

"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," stated Antony Cahill, global head of value-added services at Visa.
 

"In today's fiercely competitive world, businesses seek partners who can help them achieve their goals of competing and winning, and we're honored to be the dependable partner assisting an increasing number of clients in doing just that."

According to Visa, security and preventing fraud are essential components of how it does business.

For Visa, security and preventing fraud are essential. Visa effectively stopped $40 billion worth of fraudulent activity in 2023, a considerable rise over the year before.

Among its novel remedies are:
 

• Visa Deep Authorization (VDA): This program is designed to assist issuers in lessening the difficulties brought on by the increasing complexity of cybercrime. With the use of extensive contextual data and deep learning AI risk models, VDA provides a novel transaction risk assessment system that is especially tailored for card not present (CNP) payments.
• Extension of Visa Risk Manager (VRM) and Visa Advanced Authorization (VAA) to Non-Visa Card Payments: Visa now offers AI-powered fraud risk management tools that are independent of network strategies. Issuers can now streamline their fraud detection processes thanks to this extension, which strengthens fraud defenses and lowers operating expenses.
• Account-to-account (A2A) and peer-to-peer (P2P) digital wallets, as well as instant payment systems offered by central banks, are all covered by real-time, account-to-account payment protection, a fraud prevention solution created especially for rapid payments. With the help of this service's real-time risk assessment and sophisticated deep learning artificial intelligence detection models, financial institutions may proactively stop fraudulent transactions before they happen.

Customers will be able to purchase each product beginning in the first half of 2024; the exact launch dates will depend on the product and market.

"As digital payments become more commonplace in real time, security solutions that are transformative and real-world adaptive are needed." "As digital fraud grows in volume and sophistication, Visa is keeping pace by bolstering our powerful suite of risk and fraud solutions through our unmatched technology innovation and AI expertise, and expanding their utility beyond the Visa network," said James Mirfin, SVP, global head of risk and identity solutions at Visa.