Emma Okonji
Visa, a leader in digital payments, has expanded its global value-added services business with the addition of three new AI-powered risk and fraud prevention solutions.
The new products, which are part of the end-to-end Visa Protect suite, are designed to reduce fraud across immediate account-to-account and card not present (CNP) payments, as well as transactions both on and off Visa’s network.
Visa Protect is part of a broad suite of Visa value-added services that have grown to nearly 200 products, spanning five high-demand categories: Acceptance, Advisory, Issuing, Open Banking and Protect.
To help clients navigate a growing number of complexities, Visa has combined
decades of expertise and significant investments in both Artificial Intelligence (AI) and fraud prevention, with $10 billion over the last five years alone in technology and innovation, to help reduce fraud and increase network security.
Giving details of the expansion plan, Global Head of Value-Added Services at Visa, Antony Cahill, said: “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.
“Businesses are looking for partners that can enable their ambitions to compete and win and we’re proud to be the trusted partner, helping a growing number of clients do exactly that in today’s highly competitive environment.”
Last year, Visa helped block $40 billion in fraudulent activity, nearly double from the previous year. The new expansion plan focuses on three Visa Protect solutions that are intended to address client needs and utilise the company’s deep expertise in AI.
SVP, Head of Advisory and Value-Added Services, Central, Middle East and Africa (CEMEA), Walter Lironi, said: “In today’s digital-first society, Visa remains focused on enabling an advanced suite of risk and fraud solutions to ensure consumer data is protected wherever transactions take place. The three new AI-powered solutions are built on Visa’s unmatched technology, innovation, and 30-year heritage in AI, as well as our expert risk advisory and managed services practice. We look forward to supporting and accelerating our clients’ and partners’ growth across Central and Eastern Europe, Middle East and Africa.”
