Visa launches a new GenAI tool to combat financial fraud by assigning real-time risk scores to transactions.
Visa is tackling financial fraud by integrating a new GenAI tool called the ‘Visa Account Attack Intelligence Score’. It targets enumeration attacks where hackers use scripts to guess payment data. The VAAI Score assigns real-time risk scores to each transaction, aiding in fraud detection and prevention.
Enumeration attacks lead to about $1.1 billion in annual losses by quickly confirming stolen card details. Visa’s use of GenAI enhances its ability to distinguish between normal and suspicious transactions, greatly improving fraud detection. This technology allows real-time scoring of transaction risks, a key step in preventing fraud.
Paul Fabara, Visa’s Chief Risk and Client Services Officer, praises the VAAI Score for its 85% reduction in false positives compared to earlier models. This improvement is due to the tool’s focus on specific signals of enumeration attacks, thus enhancing detection and prevention.
Scheduled to launch for U.S. issuers and later in European markets by April 2025, the VAAI Score marks a significant advancement in financial security. It provides issuers and acquirers with tools to make informed decisions on transaction authenticity.