As billions of data records have been stolen through the years, payment giant Visa has announced a new tool in the fight against fraud.
Advance Identity Score is developed to combat the rising tide of identity fraud that costs US financial institutions roughly $10bn per year.
The new tool leverages Visa’s artificial intelligence and predictive machine learning capabilities with application and identity related data to generate a risk score for new applications. Visa says that this score is based on virtually all approved and declined bank card application data in the US. This score can then help banks and other financial institutions prevent fraud and the negative fallout that follows.
Visa also hails the new solution as an alternative to the jigsaw of different legacy solutions many financial institutions use today, solutions that the payment giant argue are riddled with “gaps and limitations that may create customer friction or false positives.”
“Visa’s mission to connect the world and enable individuals, businesses and economies to thrive is more important than ever with Covid-19 affecting communities and all parts of the economy,” said Melissa McSherry, senior vice president and global head of data, security and identity products and solutions at Visa. “As consumers, financial institutions and merchants focus on controlling expenses during uncertain times, the cost of new account fraud in terms of money and time lost can be significant.
“Advanced Identity Score offers financial institutions a powerful tool to use on top of existing systems and processes to prevent identity related fraud. This is the latest example of the value that Visa brings with its scale and expertise in combining data with AI to deliver advanced services that benefit participants in the digital economy.”
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