With fraud on the increase and more sophisticated attack methods being used, payments company Visa is turning to AI to help businesses and financial institutions fight back.
It's introducing ARIC Risk Hub, developed by Featurespace -- a company recently acquired by Visa -- which uses adaptive AI to build profiles around genuine customer activity making it easier to spot suspicious actions.
The implementation of the ARIC Risk Hub by Eika Gruppen, an alliance of 46 banks in Norway, saw a significant decrease in successful fraud attempts across its customer base, with a 90 percent reduction in phishing losses in 2024 compared to 2023.
Antony Cahill, president of value-added services at Visa, emphasizes the importance of integrating new technologies to enhance payment security, "Accepting a payment is a fundamental need of any business. Leveraging new technology to accept payments more efficiently and securely can be what sets a business apart in today's rapidly digitalizing world. With our new services, we're helping businesses harness data-driven insights, simplify the checkout experience, and fight fraud more effectively than ever."
ARIC Risk Hub works in an open, 'any-payment' ecosystem, integrating with banks and businesses globally. It learns customer behaviour allowing organizations to maximize approvals while stopping bad actors instantly.
"We are thrilled to be integrating ARIC Risk Hub into our offer to businesses and financial institutions," says Tareq Muhmood, head of value-added services, Europe at Visa, commented. "We have been using AI for over 30 years to fight fraud, and now by integrating behavioural data with ARIC's cutting-edge technology we will further help our clients to stay ahead of emerging threats."
You can find out more on the Featurespace site.
Image credit: peshkov/depositphotos.com