Credit card fraud can become more complex by the day. Scammers trying different methods, With every new event we are even more surprised.

Payment giant Visa is also working hard to tackle these methods. an innovative system developed. So what is this system?

Visa is taking revolutionary steps in preventing fraud using artificial intelligence and machine learning.

Visa’s head of global risk and identity solutions, James Mirfin, told CNBC that thanks to these technologies, from October 2022 to September 2023 About $40 billion in fraud declared that it was blocked. This represents an almost double increase compared to last year.

Fraudsters using artificial intelligence Create Primary Account Numbers (PAN) and continuous testing. PAN is a card identification that usually consists of 16 digits and in some cases can consist of up to 19 digits.

In this way, criminals attempt to repeatedly perform online transactions using card verification values ​​(CVV) and expiration dates. This method, Also known as “enumeration attack” and could lead to $1.1 billion in annual fraud losses, according to Visa.

So how do you think it gets detected?

When evaluating each transaction, Visa provides More than 500 different attributes are taken into account. For Visa, this means a very large database, processing 300 billion transactions. The artificial intelligence model analyzes and scores each transaction and detects possible fraudulent activity.

James Mirfin said that when a new type of fraud is discovered, the model immediately detects it Identifies high risk transactions told. Visa customers can therefore choose not to confirm these transactions.

Fraudsters continue to commit fraud using new technologies such as social engineering and deepfake.

Generative AI tools can make fraudsters more convincing phishing messages makes it possible to create. Cybercriminals can transfer large amounts of money by misleading family members or bank employees with voice cloning.

Visa’s focus on technology over the past five years Investment of 10 billion dollars A significant step toward reducing fraud and improving network security. Visa’s artificial intelligence and machine learning technologies are delivering impressive results in fraud prevention.

In the future, these technologies will be further developed fraud rates It is certain that it will continue to decline.

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