Stopping Hackers in Their Tracks: Visa Introduces AI to Fight Enumeration Attacks

  • Editor
  • May 8, 2024
    Updated
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Visa has introduced a series of technological advances using generative AI to significantly strengthen its defenses against enumeration attacks—a common form of cyber fraud. This proactive approach reflects Visa’s commitment to protecting consumer data and highlights the potential of AI in fighting sophisticated cyber threats.

Cybersecurity issues have been a concern since AI stepped into the ground. Even before Visa’s new Generative AI initiative, people around the world have been reporting these issues on different social media platforms like Reddit.

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Enumeration attacks, where fraudsters use automated scripts to guess card details across digital platforms, have been a growing concern for financial institutions worldwide.

These attacks try to validate stolen card information through massive automated attempts, causing substantial financial and reputational damage. Visa’s new tool, the Visa Account Attack Intelligence (VAAI) Score, is at the forefront of this technological development.

Paul Fabara, chief risk, and client services officer at Visa, said in the release, “With the VAAI Score, our clients now have access to real-time risk scoring that can help detect the likelihood of an enumeration attack so issuers can make more informed decisions on when to block a transaction.” 

Initially launched in the United States and set to expand to Europe by 2025, the VAAI Score uses deep learning Algorithms to assess the risk of transactions in real-time. The system aims to identify and prevent potential fraud by assigning a risk score to each transaction more effectively.

Michael Jabbara, senior vice president and global head of fraud services at Visa, said in the release, “With access to advanced technology, fraudsters are monetizing stolen credentials faster than ever before.”

“Enumerated transactions impact the entire ecosystem, and with the VAAI Score, we’re giving our clients a sophisticated tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they happen.”

Visa’s generative AI Model has been trained on over 15 billion transactions, enabling it to distinguish between legitimate activities and potential fraud with unprecedented precision.

This capability prevents fraudulent transactions and minimizes the inconvenience of false declines for legitimate customers. The use of generative AI in this capacity is particularly notable for its ability to learn and adapt to new fraudulent patterns quickly.

Seems like Visa’s new AI tool will help people combat issues like these.

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This adaptability is crucial in an era where fraud techniques constantly evolve, requiring equally dynamic countermeasures. With annual losses due to enumeration attacks estimated at around $1.1 billion, these advancements are essential for maintaining consumer trust and financial integrity.

Moreover, Visa’s strategy includes comprehensive training for its AI models to handle “noisy data,” which aids in fine-tuning the accuracy of its fraud detection processes. This approach improves security and enhances the overall customer experience by reducing disruptions caused by fraud prevention measures.

Visa’s initiative to integrate generative AI into its fraud detection and prevention systems demonstrates a forward-thinking approach to cybersecurity.

By using advanced AI technologies, Visa not only improves its ability to combat fraud but also sets a new standard for the financial industry at large.

For more news and insights, visit AI News on our website.

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Dave Andre

Editor

Digital marketing enthusiast by day, nature wanderer by dusk. Dave Andre blends two decades of AI and SaaS expertise into impactful strategies for SMEs. His weekends? Lost in books on tech trends and rejuvenating on scenic trails.

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