Visa Inc (NYSE:V) has successfully leveraged artificial intelligence and machine learning to prevent $40 billion in fraudulent activities, according to a company executive.
What Happened: James Mirfin, global head of risk and identity solutions at Visa, informed CNBC that the company has utilized AI and machine learning to combat fraudulent activities, which have nearly doubled from the previous year.
Visa has managed to prevent $40 billion in fraudulent activities from October 2022 to September 2023, which is almost twice the amount from the previous year, Mirfin said.
He explained that fraudsters use AI to generate primary account numbers (PAN) and repeatedly test them. This method, known as an enumeration attack, results in $1.1 billion in fraud losses annually.
“We look at over 500 different attributes around [each] transaction, we score that and we create a score –that’s an AI model that will actually do that. We do about 300 billion transactions …
Full story available on Benzinga.com
Visa Inc (NYSE:V) has successfully leveraged artificial intelligence and machine learning to prevent $40 billion in fraudulent activities, according to a company executive.
What Happened: James Mirfin, global head of risk and identity solutions at Visa, informed CNBC that the company has utilized AI and machine learning to combat fraudulent activities, which have nearly doubled from the previous year.
Visa has managed to prevent $40 billion in fraudulent activities from October 2022 to September 2023, which is almost twice the amount from the previous year, Mirfin said.
He explained that fraudsters use AI to generate primary account numbers (PAN) and repeatedly test them. This method, known as an enumeration attack, results in $1.1 billion in fraud losses annually.
“We look at over 500 different attributes around [each] transaction, we score that and we create a score –that’s an AI model that will actually do that. We do about 300 billion transactions …
Full story available on Benzinga.com
Visa Inc (NYSE:V) has successfully leveraged artificial intelligence and machine learning to prevent $40 billion in fraudulent activities, according to a company executive.
What Happened: James Mirfin, global head of risk and identity solutions at Visa, informed CNBC that the company has utilized AI and machine learning to combat fraudulent activities, which have nearly doubled from the previous year.
Visa has managed to prevent $40 billion in fraudulent activities from October 2022 to September 2023, which is almost twice the amount from the previous year, Mirfin said.
He explained that fraudsters use AI to generate primary account numbers (PAN) and repeatedly test them. This method, known as an enumeration attack, results in $1.1 billion in fraud losses annually.
“We look at over 500 different attributes around [each] transaction, we score that and we create a score –that’s an AI model that will actually do that. We do about 300 billion transactions …Full story available on Benzinga.com Read Moreartificial intelligence, Equities, fraud, Kaustubh Bagalkote, machine learning, News, V, Markets, Tech, V, US92826C8394, News, Equities, Markets, Tech, Benzinga Markets
