Frauds Are Being Attacked

To combat the growing risk of fraud in digital payments, Visa has unveiled a ground-breaking generative AI-powered solution. The emergence of advanced methodologies such as automated scripts and botnets has enabled malevolent actors to carry out enumeration assaults on a never-before-seen magnitude, culminating in substantial economic damages and operational difficulties for commercial enterprises. Aware of the pressing need for cutting-edge instruments to combat this threat, Visa has introduced the Visa Account Attack Intelligence (VAAI) Score, their newest product.

Identifying and Scoring Enumeration Attacks in Real Time

Paul Fabara, Chief Risk and Client Services Officer at Visa, highlighted the critical importance of the VAAI Score in detecting and preventing enumeration attacks. He stated, “Enumeration can have lasting impacts on our clients and there’s an immediate need for tools that can better detect and prevent these attacks in real-time. With the VAAI Score, our clients now have access to real-time risk scoring that can help detect the likelihood of an enumeration attack so issuers can make more informed decisions on when to block a transaction.”

Enhancing Fraud Detection with Advanced AI

Backed by generative AI technology, the VAAI Score aims to revolutionize fraud detection by analyzing transaction patterns in real-time. Michael Jabbara, SVP Global Head of Fraud Services at Visa, emphasized the significance of this advancement. He explained, “With access to advanced technology, fraudsters are monetizing stolen credentials faster than ever before. Enumerated transactions impact the entire ecosystem, and with the VAAI Score, we’re giving our clients a sophisticated tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they happen.”

Key Benefits of VAAI Score

The VAAI Score model, trained on more than 15 billion VisaNet transactions, offers several key benefits:

Reduced Fraud and Operational Losses: By identifying complex enumeration attacks in real time, the VAAI Score helps mitigate follow-on fraud and operational losses.

Improved Cardholder Experience: Legitimate cardholder transactions remain unaffected, while issuers gain the ability to proactively decline transactions at risk of enumeration attacks.

Real-Time Transaction Scoring: With a real-time risk score provided in just 20 milliseconds, clients can swiftly identify enumeration and utilize it in their authorization decisioning.

Commitment to Security and Reliability

Visa reaffirms its commitment to security and reliability, having invested over $10 billion in technology over the past five years. With a team of dedicated specialists working round the clock, Visa remains vigilant against evolving threats, blocking $40 billion in fraud in FY23 alone.

Conclusion

As the digital payments landscape evolves, Visa continues to lead the charge in innovation and security. With the introduction of the VAAI Score, Visa reinforces its dedication to providing cutting-edge solutions to combat fraud, safeguarding businesses and consumers alike.

About Visa Inc.

Visa is a global leader in digital payments, facilitating transactions across more than 200 countries and territories. With a mission to connect the world through secure and innovative payment networks, Visa envisions inclusive economies that uplift individuals and businesses worldwide.