Visa has launched a real-time artificial intelligence-based fraud detection service in the United Kingdom.
The mentioned system is designed to detect fraud when making transactions of the category account-to-account (A2A). This functional solution, developed by the giant of the payment industry, is available to all financial institutions in the United Kingdom after a pilot program. During the mentioned program, another 54% of fraud cases were identified, in addition to those that were recorded by threat response systems applied by banks. The relevant information is contained in the Visa press release, which was published on Thursday, May 30.
Mandy Lamb, managing director of Visa UK & Ireland, says that the United Kingdom has one of the most developed payment systems in the world, but at the same time this country has one of the highest levels of account-to-account fraud. According to her, during the implementation of such schemes, the funds of the victims in the shortest possible time become the illegal property of criminals. Mandy Lamb notes that against this background, fraud prevention should become a collective goal in the sphere of financial services and beyond.
The pilot program of the new Visa service launched in the United Kingdom was conducted as part of a partnership with Pay.UK, an organization that runs retail payment operations in this country. The relevant information is contained in the Visa press release.
It is worth noting that against the background of the process of active and large-scale dissemination and implementation of artificial intelligence, the issue of cybersecurity has become more relevant and more sensitive, including in the context of fraud committed in the virtual space. Criminals also have access to advanced technology. In these realities, the personal awareness of users is of particular importance. For example, a query in an Internet search system such as how to know if my camera is hacked will allow everyone to get information about signs of cybercriminal activity directed at a personal device. It should be noted that digital literacy is also a tool for countering virtual crimes.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
