Security Market Segment LS
Wednesday, 16 September 2020 05:51

Visa claims it prevented more than $560m in fraud in 2019-20

By
Visa claims it prevented more than $560m in fraud in 2019-20 Image by www_slon_pics from Pixabay

Global payments technology firm Visa claims it has used its artificial intelligence to prevent more than $560 million in fraud affecting Australian businesses during the 2019-20 financial year.

The company said in a statement it had been a pioneer in using neural networks to be the foundation of its AI platform that analyses transactions in real time, using more than 500 characteristics of risk to identify potential fraud.

In the period mentioned, the company said it had processed 138 billion transactions and analysed them all, with each taking about one millisecond. Fraud rates were down to 0.1% now, Visa claimed.

It cited figures from the Australian Payments Network, a regulatory body set up by the payments industry to improve safety, reliability, equity, convenience and efficiency of payment systems, that indicated a decline in card fraud for the financial year. This included online and e-commerce transactions which are called card-not-present interactions, and are more susceptible to fraud than those in which a card is physically present.

Card-not-present transactions can be either initiated by a buyer or a seller.

“One of the toughest challenges in payments is separating good transactions made by account holders from bad ones attempted by fraudsters without adding friction to the process or declining sales unnecessarily,” said Julian Potter, Visa’s group country manager for Australia, New Zealand and the South Pacific.

“Every transaction represents a buyer’s purchase of something wanted or needed and a seller’s step towards business growth, and at Visa, we’re focused on safeguarding all parties involved in this transfer of value.

“As commerce has shifted online, so has the focus of fraudsters, and while the payments industry’s efforts are bearing fruit, now is not the time to let down our guard."

Potter added that with new players entering the online payment business, it was critical that the industry harnessed the expertise of global leaders to identify and combat fraud before it affected Australian businesses.

Visa recently unveiled Smarter Stand-in Processing, a new solution that uses AI to help financial institutions manage dealings when services are disrupted.

“The most fundamental attribute in global commerce is trust – if a business loses a customer’s trust, they lose sales. Visa’s ability to step in for a financial institution and make authorisation decisions in the event of an outage benefits every business that accepts Visa,” Potter added.


Subscribe to ITWIRE UPDATE Newsletter here

Active Vs. Passive DWDM Solutions

An active approach to your growing optical transport network & connectivity needs.

Building dark fibre network infrastructure using WDM technology used to be considered a complex challenge that only carriers have the means to implement.

This has led many enterprises to build passive networks, which are inferior in quality and ultimately limit their future growth.

Why are passive solutions considered inferior? And what makes active solutions great?

Read more about these two solutions, and how PacketLight fits into all this.

CLICK HERE!

WEBINAR INVITE 8th & 10th September: 5G Performing At The Edge

Don't miss the only 5G and edge performance-focused event in the industry!

Edge computing will play a critical part within digital transformation initiatives across every industry sector. It promises operational speed and efficiency, improved customer service, and reduced operational costs.

This coupled with the new capabilities 5G brings opens up huge opportunities for both network operators and enterprise organisations.

But these technologies will only reach their full potential with assured delivery and performance – with a trust model in place.

With this in mind, we are pleased to announce a two-part digital event, sponsored by Accedian, on the 8th & 10th of September titled 5G: Performing at the Edge.

REGISTER HERE!

BACK TO HOME PAGE
Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments