visa has launched a generative artificial intelligence (AI) solution designed to help publishers counter enumeration attacks.
New VAAI scoring tool Visa account attack intelligence (VAAI) will be available starting from its U.S. issuer, the company said in a press release emailed to PYMNTS on Tuesday (May 7).
“With VAAI scores, our clients now have access to real-time risk scoring that helps detect potential enumeration attacks. This gives issuers more control over when to block transactions. , so you can make more informed decisions.” paul favaraVisa's chief risk and customer service officer said in a release:
Enumeration attack. Threat actors are increasingly using automated scripts and botnets. and Other technologies that amplify these card testing attacks account for $1.1 billion in fraud losses, according to the release.
VAAI Score mitigates these losses by using generative AI to assign a risk score to each transaction and prevent these attacks. card does not exist (CNP) transaction, according to the release.
The tool learns normal and abnormal transaction patterns and can identify potential complex enumeration attacks in real time. and Help clients use risk scores during approvals decision making For use with the rules engine, per release.
“With access to advanced technology, fraudsters are monetizing stolen credentials faster than ever.” Michael Jabarasaid Visa's senior vice president and global head of fraud services in a release. “Enumerated transactions impact the entire ecosystem. We use VAAI scores to prevent cardholder accounts from being compromised and provide our clients with advanced tools that can stop fraudulent transactions before they occur. .”
PYMNTS Intelligence found that many businesses and financial institutions are struggling to find a way to cope with increasingly sophisticated services. financial crime.
“58% of financial institutions say the sophistication of fraud schemes is a challenge in combating fraud, and about a quarter of the largest financial institutions by assets say this is the biggest challenge they face. I think this is an important issue.”The current state of fraud and financial crime in the United States”, PYMNTS Intelligence and feature space collaboration.
The report also found that nearly two-thirds of financial institutions are reporting an increase in credit card fraud.