Chatbots, virtual assistants, checkout-free shopping are all ways in which artificial intelligence (AI) has managed to make our lives easier and more efficient. Advances in computer processing and massive growth in data have given rise to a new wave of AI innovation, promising to transform industries like healthcare, transportation, retail and payments. But with that promise comes responsibility. We must ensure security frameworks are in place to better prevent and detect fraud - as cyber threats evolve as quickly as the innovation does - while still delivering a seamless payment experience.
A new Forrester Research report, commissioned by Visa, “Transforming Payment Security through Artificial Intelligence,” explains how AI is set to transform the payment security landscape. The predictive power of AI has already transformed our business, helping improve the customer experience and making us better and faster at addressing fraud and mitigating emerging security threats. In fact, after pioneering the use of AI in real-time fraud analytics in the early 1990s, the recent advancements in AI algorithms have allowed us to look at how payments can move beyond the transaction and become more automated, interactive and personalized across channels and devices.
Using AI across more than 100 applications and capabilities enables us to create a more secure payments ecosystem without sacrificing the consumer experience. Machine learning analyzes fraud migration patterns that help issuers verify card applications in real-time and at scale. The network can flag irregularities during the application process, sending the ..
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