Visa announces anti-fraud solution powered by generative AI to combat account attacks

Malicious actors leverage sophisticated technologies, such as automated scripting and botnets, to amplify their card testing attacks, allowing them to exploit vulnerabilities at unprecedented scale and speed. These attacks, known as enumeration attacks, inflict operational expenses and $1.1 billion per year in fraud losses¹, representing a significant portion of global fraud. To combat this threat, Visa (NYSE:V), a leader in digital payments, today announced updates to its Visa Account Attack Intelligence (VAAI) offering with the addition of VAAI Score, a new tool that uses generative AI components to identify and score attacks numerically. The VAAI Score, which will first be available to U.S. issuers, will help reduce fraud and operational losses by assigning each transaction a real-time risk rating to detect and prevent digital attacks in card-not-present (CNP) transactions. .

“Enumeration can have long-term effects on our customers and that is why there is an immediate need for tools that can better detect and prevent these attacks in real time,” said Paul Fabara, Chief Risk and Client Services Officer. , Visa. With VAAI Score, our customers now have access to real-time risk scoring that helps detect the likelihood of a digital attack so issuers can make clearer decisions about when to block a transaction.

Thirty-three percent of listed accounts were defrauded within five days of a fraudster gaining access to payment information². Using generative AI components to learn normal and abnormal transaction patterns, Visa’s VAAI Score solution identifies the likelihood of complex enumeration attacks in real time to help reduce fraud without compromising performance integrity and of Visa’s precision. The tool reduced the false positive rate by 85% compared to other risk management models, with VAAI Score focusing on specific signals for enumeration enabling optimized performance³. VAAI Score helps issuers with:

• Reduction of fraud and operational losses : Helps identify complex dialing attacks in real time, which can help reduce verified account tracking fraud and operational losses due to dialing, such as customer center calls and card issuance, and protect customers .
• Improved cardholder experience : Helps identify when legitimate cardholder transactions are not affected, while giving issuers a tool to proactively decline transactions at risk for digital attacks.
• Real-time transaction scoring : provides real-time risk scoring in 20 milliseconds⁴thereby helping clients identify the enumeration and use it in the authorization decision in conjunction with a rules engine.

“With access to cutting-edge technology, fraudsters are recovering stolen credentials faster than ever,” said Michael Jabbara, SVP Global Head of Fraud Services, Visa. Digital transactions impact the entire ecosystem, and with VAAI Score, we offer our customers a sophisticated tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they occur. do not occur.

The VAAI Score model has been trained on more than 15 billion VisaNet transactions and has six times more features than previous VAAI models to help better assess suspicious counting transactions. Visa’s approach uses noisy data to train this highly precise AI model in real time. By evaluating each CNP transaction against enumeration models, the new risk scoring model obtains a two-digit risk score that helps predict enumeration probability to help better determine when to approve and when to deny a transaction.

At Visa, security and reliability always remain top priorities. Over the past five years, the company has invested more than ten billion dollars in technology, particularly to reduce fraud and increase network security. More than a thousand specialists continuously protect the Visa network against malware, zero-day attacks and insider threats. In FY 2023 alone, Visa helped proactively block $40 billion in fraud⁵, a large number of users thus not even having to worry that they were running the risk of a possible fraudulent transaction. We encourage consumers to remain vigilant and consider where they shop and who they share their information with.

About Visa Inc.

Visa (NYSE: V) is a global leader in digital payments that facilitates transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories. Our mission is to connect the world with the most innovative, convenient, reliable and secure payments network to help people, businesses and economies thrive. We believe that economies that include all people, everywhere, empower everyone, everywhere, and believe that access is fundamental to the future of cash transfers. To learn more, visit Visa.com.

¹ Enumeration Fraud Loss from VAAI FY23

² Enumeration Fraud Loss pulled from VAAI FY23

³ 2024 US Visa Account Attack Intelligence Score Model Documentation

⁴ By adopting AI models, VAAI can evaluate up to 182 risk attributes in a millisecond to obtain a two-digit risk score predicting the likelihood of an attack by enumeration.

⁵ Visa data (October 1, 2022 – September 30, 2023)

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