Visa: AI Helped Block 85% More Fraud on Cyber Monday

Core Insights - Visa's AI and machine learning capabilities have led to an 85% increase in blocking suspected fraud globally on Cyber Monday compared to the previous year, amidst a 200% rise in suspected fraudulent transactions [1][2] - The company has invested $11 billion in fraud prevention technology over the past five years, enhancing its ability to combat fraud [2] - Visa launched the Visa Account Attack Intelligence Score, a generative AI tool designed to prevent fraud before it occurs, particularly targeting enumeration attacks [3][4] Investment and Technology - Visa's investments in AI and technology allowed the company to block 80 million fraudulent transactions valued at$40 billion in 2023 [6] - The VAAI Score provides real-time risk scoring to help issuers detect enumeration attacks, enabling more informed transaction blocking decisions [5] Industry Trends - Financial institutions utilizing AI and machine learning for fraud prevention report a 17% lower likelihood of experiencing tech support impersonation and IRS impostor scams compared to those using traditional methods [5]