Visa has announced that Visa Advanced Authorisation (VAA), its AI-based real-time payment fraud monitoring solution, has prevented $714 million[1] in fraud from disrupting Australian businesses in a year[2].
Joe Cunningham, Head of Risk for Visa Asia Pacific, said: “Preventing more than $700 million in fraud is an incredible testament to Visa’s AI-powered security capabilities, yet is also a sobering reminder that security has to keep pace with innovation. As new ways to buy, sell and move money become popular with consumers and businesses, they become equally popular with fraudsters seeking to exploit any vulnerabilities in the system.”
“In particular, growth of real-time payments within Australia and across the wider Asia Pacific region presents a challenge for financial institutions to balance the convenience of near-instant payment with the need for security. We’re finding that a little friction in the system to help assess risk can be a good thing.”
Visa says it is planning to bring its real-time payment fraud prevention service to Australia this year to help financial institutions analyse transactions in real time and provide rapid risk assessments.
Visa’s real-time payment fraud prevention provides a multi-financial institution risk analysis feed uniquely built for instant payments.
Deep learning artificial intelligence models are continuously enhanced to help financial institutions detect clusters of potential scam behaviours in real-time.
APIs can be used to receive real-time transaction scores that can also be incorporated into existing risk and fraud management tools and processes.
[1] $470m USD converted to AUD at rate of 1 USD = 1.52154 AUD (February 2024).
[2] 12 months ending March 2023, VisaNet (April 2022 – March 2023).
