Visa’s technological investments block $40bn in fraudulent transactions
Visa successfully prevented 80 million fraudulent transactions worth $40 billion globally last year, thanks to significant investments in technology, including artificial intelligence (AI).
A senior business figure said that Visa stemmed 80 million scheming transactions worth $40 billion globally last year thanks to investments in technology, including artificial intelligence (AI).
Visa successfully prevented 80 million fraudulent transactions worth $40 billion globally last year, thanks to significant investments in technology, including artificial intelligence (AI).
This announcement was made by a senior company figure on Tuesday, highlighting Visa’s ongoing commitment to combating increasingly sophisticated scams in a digitally evolving world.
Investment in Technology and AI
As the world’s largest payments processor, Visa has invested over $10 billion in technology over the past five years. This investment includes $500 million dedicated to AI and data infrastructure, aimed at protecting clients and customers from fraudulent activity.
These substantial financial commitments underscore Visa’s proactive approach to security in an era where cybercriminals continuously develop new methods to deceive consumers and businesses.
Impact of Technology Investments
“In just the last year, those investments, how have they benefited us? We’ve blocked $40 billion of fraudulent transactions.
Also read: Johnson & Johnson Exceeds Q2 Profit And Revenue Estimates
That’s 80 million transactions prevented,” said Lobo, a senior figure at Visa, during an interview with Reuters on the sidelines of a Visa payment security conference in Johannesburg, South Africa.
This statement highlights the tangible benefits of Visa’s investments in cutting-edge technology and AI, demonstrating the company’s ability to adapt and respond to the evolving landscape of digital fraud.
Evolving Fraud Tactics
The rise in digital transactions has been accompanied by an increase in the sophistication of scams. Cybercriminals are employing new approaches to trick unsuspecting consumers and businesses.
Visa’s significant investments in technology and AI are crucial in staying ahead of these threats, ensuring the safety and security of transactions worldwide.
Visa’s efforts to block fraudulent transactions and protect its users reflect the company’s ongoing commitment to leveraging technology to enhance security measures.
As digital transactions continue to grow, Visa’s proactive stance and substantial investments in technology will remain vital in combating fraud and ensuring the trust of its global customer base.
