Tuesday, March 2, 2021

How AI protects your purchases

Artificial Intelligence has the power to transform experiences. It helps make our daily lives easier, more convenient, and tailored to our likes and dislikes. AI helps you shop for the exact item you had in mind or inspires you with a song or movie that suits your taste.

It catches your typos when you’re searching for the right ride for your road trip and helps to keep you protected from fraud. Pioneered in 1993, Visa’s AI has helped keep your payments safe and secure getting smarter and smarter as time goes by.

Because that’s the thing about AI: The longer it’s been around, the more it knows and the better it becomes. Let’s take another look. When you apply for a loan or a credit card, Visa’s AI assigns a risk score to the application. This score can help your bank or credit union decide whether to accept the application helping reduce new account fraud due to identity theft.

When you make a purchase, Visa’s AI uses sophisticated algorithms and more than 500 data factors to score the riskiness of every transaction separating good ones from bad ones. This helps prevent fraud while approving the purchase you want to make even if you’re a new or infrequent shopper.

And if your bank or credit union experiences an unexpected service outage? Visa’s AI can step in on behalf of your bank and predict how your bank might have responded, which can help prevent your transaction from being declined so you can be on your way. Oh, and Visa’s AI can also help shorten the time between your card being authorized at the checkout, and the funds actually leaving your account meaning fewer “pending transactions” on your statement and greater clarity about your account balance.

Unfortunately, in the age of cyber-crime, you may not be the only one trying to track your money. Across the world, hackers are always innovating and using advanced tools to exploit and compromise consumer data such as account numbers and security codes. But Visa’s security and AI capabilities help protect you.

Visa’s network is the most trusted network in the world. More than 204 billion transactions fuel it with information, keeping payments that flow through it safe and secure.

How?

By identifying sophisticated attack patterns and alerting financial institutions and merchants before hackers even get a chance to make fraudulent transactions. So whether you're setting off on a dream road trip or just want to order a new jacket, you can shop with peace of mind knowing that Visa’s AI has your back. Today, and tomorrow.