Visa Launches New AI Feature to Combat Bot-Driven Account Attack

Visa has made artificial intelligence-based enhancements to its Visa Account Attack Intelligence (VAAI) solution, designed to combat the growing number of account attacks enabled by automated scripts and botnets. Known as enumeration attacks, these attacks have caused significant financial losses, with fraud amounting to approximately $1.1 billion annually.

The new feature, named the VAAI Score, is designed to enhance the detection and prevention of these attacks by analyzing trading patterns in real time using generative AI.

The tool, initially available to U.S. card issuers, provides a risk score for each transaction, with a particular focus on card-not-present (CNP) transactions to identify potential threats without compromising the integrity of transactions.

Visa reported that 33% of accounts targeted by enumeration attacks experience fraud within five days of the breach.

The VAAI Score reduces this risk by reducing false positives by 85% compared to previous models, providing more accurate detection capabilities.

“Enumeration can have lasting impacts on our clients and there’s an immediate need for tools that can better detect and prevent these attacks in real-time. With the VAAI Score, our clients now have access to real-time risk scoring that can help detect the likelihood of an enumeration attack so issuers can make more informed decisions on when to block a transaction,” said Paul Fabara, Chief Risk and Client Services Officer at Visa.

“With access to advanced technology, fraudsters are monetizing stolen credentials faster than ever before. Enumerated transactions impact the entire ecosystem, and with the VAAI Score, we’re giving our clients a sophisticated tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they happen,” said Michael Jabbara, SVP Global Head of Fraud Services, at Visa.

Visa has invested more than $10 billion over the past five years to strengthen cybersecurity and reduce the risk of fraud.

(Source: Fintech News Singapore)