Visa’s recent project proved that instant payments can be made safer by applying AI fraud prevention solutions

A test conducted by Visa in the United Kingdom proved that the application of the company’s latest AI technology can drastically reduce the £600 million worth of damage caused by fraud every year. According to the published results, Visa was able to identify 54% of the fraudulent transactions that previously went unnoticed by the banks’ sophisticated fraud detection systems. This indicates that Visa’s predictive AI technology can make a significant contribution to fraud prevention, saving up to £330m for UK consumers, businesses and the economy.

Visa and Pay.UK, the UK’s retail payments operator, analyzed billions of UK retail banking transactions (more than 50% of annual UK account transfer transactions) over a 12-month period as part of a joint test project. Visa’s innovative fraud detection system, beyond its already proven effectiveness in credit and debit card fraud detection, has now also proven successful in transactions between accounts. Visa’s network continues to have one of the lowest fraud rates of any payment method in the world, thanks to the company’s investment of more than $10 billion over the past five years in technology improvements, including solutions to reduce fraud and enhance network security. In 2023 alone, Visa estimates that $30 billion in global fraud will be proactively prevented.