Billions of people have faced online information theft, and Visa is hoping that its latest AI
solution will help banks to handle fraudulent accounts.
On a weekly basis, news about data breaches dominates headlines. The frequency of attacks has created an ever-increasing pool of stolen credentials that are regularly used to open fraudulent accounts, taking out burdensome loans, or max out cards.
To deal with this problem, the experts at Visa have come together to assess the use of artificial intelligence and machine learning to mitigate the stress felt by banks in trying to determine the authenticity of applications.
Visa’s vice president of Identity & Risk Products, Melyssa Barrett, explained in an interview that studies indicate that 13 billion data records have been stolen or lost in global breaches since 2013 and there has been about $10.2.billion in combined estimated losses in new account fraud ($3.4 billion) and account takeover ($6.8 billion) in the US alone in 2019.