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Visa has long integrated AI into its technology strategy, pioneering AI use in global payments since 1993 to enhance security and fight fraud. In the last decade, Visa has invested over $3bn in AI and data infrastructure, developing over 150 AI models to ensure safe and seamless transactions. In October 2023, Visa launched a $100m fund to invest in generative AI startups.
Visa is leveraging generative AI to boost its fraud detection and risk management capabilities, with new AI-powered tools introduced in 2024 to target remote transactions, non-Visa payments, and real-time transactions. According to Don Hobson, Chief Information Officer, “As we look to the future, gen AI’s capacity to process vast amounts of data could significantly enhance our fraud models.”
In November 2023, Visa launched its AI Advisory Practice, part of Visa Consulting & Analytics, to offer its clients actionable insights to harness the power of AI, further solidifying Visa’s leadership in using AI to transform payments and customer experiences.
2024 AI-related highlights
- Enhances digital payment security with new AI-powered fraud prevention solutions, preventing $40bn in fraud annually. (Mar 2024)
- Launches genAI-powered fraud solution, Visa Account Attack Intelligence (VAAI) score to help identify the likelihood of malicious attacks (May 2024)
- Unveils AI-driven digital ID and payment solutions at the Payments Forum, enhancing online security and user experience. (May 2024)
- Invests in Featurespace to enhance AI-driven fraud detection, following Mastercard’s acquisition of Recorded Future. (Sept 2024)
- Opens its fourth global innovation center in Riyadh, emphasizing AI-driven payment solutions and partnerships. (Oct 2024)
- Partners with The Data Appeal Company to enhance tourism through AI-driven visitor spending insights. (Oct 2024
- Collaborates with Analytics Partners to enhance retailers’ marketing strategies using AI-driven insights. (Oct 2024)