Visa turns to AI to help cut fraud

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… [Continue Reading]