In the fast-paced world of payment acceptance, the role of artificial intelligence (AI) and machine learning (ML) has become increasingly crucial.
We’ve been using advanced AI algorithms, continuously optimizing over the past 30 years, to process approximately 347 billion transactions per year. This vast amount of data informs our AI and ML models, providing unmatched global insights into payment patterns and behaviors. And our positive behavior model, Identity Behavior Analysis, allows us to leverage the immense potential of AI to offer secure, efficient, and seamless payment experiences.
But AI is not a standalone solution. Although it’s a powerful tool, it still requires humans to fully realize its potential.
Why AI still needs human expertise
In the complex world of fraud prevention, human intelligence still plays a role in a few areas:
1. Fine-tuning and oversight
While AI can analyze vast amounts of data and identify patterns that humans can’t always see, it still needs human oversight to for accuracy. Our Risk Consultants help merchants optimize their use of AI, while our team of data scientists fine-tune our algorithms, so they are correctly interpreting data and making accurate predictions.
2. Understanding context
AI is excellent at identifying patterns, but it can struggle with understanding context. But that’s where humans excel. For example, at the beginning of the covid pandemic in 2020, airline customers made a lot of last-minute one-way flight reservations in a short period of time. This type of purchasing behavior had been previously unusual, and many were flagged as possible fraud. However, humans understood the global context and were able to recognize the purchases as legitimate.
3. Building trust
When it comes to sensitive matters like fraud prevention, building trust with our clients is paramount. Letting our clients know that a human is guiding the automated work provides reassurance and clarity, fostering a more trusting and collaborative relationship.
Responsible AI use and governance
At Visa Acceptance Solutions, we are deeply committed to upholding the highest standards of data governance and responsible AI use. Our AI systems are transparent, fair, and accountable. Our stringent data governance policies help keep your data secure and protected, while our responsible AI practices maintain our unbiased and reliable algorithms.
The value for both partners and merchants
Whether you're an acquirer, a SaaS platform, a consulting firm implementing payments technology for a client, or anyone in between, you and your merchants can benefit from human-AI collaboration. By combining AI's processing power with human insight, we can provide more accurate and effective fraud prevention, that can help reduce costs and improve customer experience.
Our flagship fraud solution Decision Manager uses AI to analyze hundreds of variables for every transaction, providing a risk score within milliseconds. Our Risk Consultants help shape the strategy that determines how those risk scores are treated—enabling clients to achieve better outcomes than either the human or the machine could achieve on their own.
Building the future of fraud prevention
Visa Acceptance Solutions believes that the future of fraud prevention lies in a harmonious collaboration between AI and humans. We are continuously refining our AI models while also investing in our human resources. Whether you're a small business looking to grow your online presence, a global enterprise building cloud-based solutions, or a partner in the payments ecosystem, we invite you to join us to create a more secure, more efficient, and more inclusive payments landscape.
Ready to take your payment acceptance to the next level with AI-powered fraud prevention? Let’s start the conversation.