Every business should be keeping fraud prevention front of mind, and be considering solutions that bring together leading AI technologies. Are you confident about staying ahead of the changes and feeling ready for the fraud challenges that may come?
Over the years, Visa has gained an intrinsic knowledge of AI in the context of payments and is a fraud-fighting ally you want by your side.
These aspects of AI may be most crucial for fraud prevention in your business.
1. Data quantity
Big data. There really might be no bigger asset within your business right now—and it’s only going to get bigger, with data-driven AI rapidly affecting almost every aspect of the business world. The larger and more diverse the dataset, the more opportunities you have to identify fraudulent patterns.
Visa Acceptance Solutions derives valuable and actionable insights from approximately 269 billion VisaNet transactions, thereby building robust and accurate models to help our customers prevent fraud.
2. Data quality
How can you make sure that the AI used in your business is powered by the right data? After all, quantity is meaningless if the qualities not there. A good AI model will always be built to assess the fundamental markers of data quality.
3. Adaptability and continuous learning
Fraud is always evolving. That's why the ability to adapt is the most crucial characteristic of the best AI systems.
4. Balanced false positive and false negative rates
Payments can be hindered by false positives (legitimate transactions flagged as fraud) and false negatives (fraudulent transactions which go undetected).
5. User experience
Fraud prevention systems should make transactions as seamless as possible for legitimate users (preventing unnecessary holds on customers' cards) while providing robust security.
6. Integration with other security measures
For a truly comprehensive defense against fraud, it is wise to not rely on just one statistical algorithm. The aim is to combine several different methods to leverage each risk model's unique strengths, and then apply the one best suited to each transaction. The next level of sophistication comes from human input, the most powerful combination is when human intelligence, AI, and machine learning work together. Read more about this here.
7. Scalability
Once your AI solution is up and running, you’ll want to ensure it’s scalable so you can handle increasing transaction volumes and growing datasets without compromising performance.
We’re able to recognize payment identities effectively by tracking them over time. So your risk scoring is better targeted, and you’re more confident in accepting good orders from new customers.
8. AI safeguards and oversight
Visa Acceptance Solutions takes responsible use of AI very seriously. Our in-house Model Risk Management (MRM) program performs validation of models on a regular basis, monitoring them to assess they are fit-for-purpose and performing as intended. And our stringent data governance policies help keep your customers’ data secure and protected, while our responsible AI practices help mitigate against bias in our reliable algorithms.
AI that empowers
What kind of AI will power your fraud detection strategy? Every year, Visa enriches its sophisticated AI platform with additional transactions for greater accuracy for our customers. The opportunity is there, whether you want to streamline, optimize, or scale your business.
See how our AI-driven solutions can help strengthen your business's fight against fraud.