Visa Unveils VAAI Score: Gen AI-Powered Fraud Defence
Visa has launched a new generative AI (Gen AI) powered fraud solution, Visa Account Attack Intelligence (VAAI) Score, to help identify the likelihood of enumeration attacks in card-not-present transactions.
The latest product launch from Visa comes as malicious actors continue to adopt and leverage more sophisticated technologies – such as botnets and automated scripts – to amplify card testing attacks and exploit transactions at an unprecedented scale and pace.
Now, Visa hopes to sit at the forefront of combatting this rising threat.
Visa: Protecting against enumeration attacks
Per Visa’s insights, enumeration attacks inflict operational expenses and annual fraud losses of up to US$1.1bn – a significant portion of global fraud.
To combat this, Visa has updated its VAAI offering with the addition of VAAI Score, a new tool that uses Gen AI components to identify and score enumeration attacks.
Made available to US issuers first, the VAAI Score will help reduce fraud and operational losses by assigning card-not-present transactions with a real-time risk score – helping detect and prevent enumeration attacks.
The payments processing giant hopes the effectiveness of this latest innovation is significant, with Visa insights revealing that 33% of enumerated accounts experienced fraud within five days of a fraudster gaining access to payments information.
Leveraging Gen AI to learn normal and abnormal transaction patterns, Visa’s VAAI Score identifies the likelihood of complex enumeration attacks without compromising the integrity of Visa’s performance and accuracy.
The launch of VAAI Score comes as Visa hopes to make its services more easily accessible for many by joining the AWS Partner Network, streamlining access to its services for cloud-native fintech, financial institution and enterprise clients. It also follows the release of its new Subscription Manager Service.
