Banking
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.”
