Visa Announces Generative AI-Powered Fraud Solution to Combat Account Attacks
07 May 2024 - 10:00PM
Business Wire
Visa’s new Visa Account Attack Intelligence (VAAI) Score helps
identify the likelihood of enumeration attacks in card-not-present
transactions
Threat actors are leveraging sophisticated technologies, like
automated scripts and botnets, to amplify their card testing
attacks, allowing them to exploit vulnerabilities at an
unprecedented scale and speed. These attacks, known as enumeration
attacks, inflict operational expenses and $1.1B annually in fraud
losses,1 accounting for a significant portion of global fraud. To
combat this threat, today, Visa (NYSE:V), a leader in digital
payments, announced updates to its Visa Account Attack Intelligence
(VAAI) offering with the addition of the VAAI Score, a new tool
that uses generative AI components to identify and score
enumeration attacks. The VAAI Score, which will be available to
U.S. issuers first, will help reduce fraud and operational losses
by assigning each transaction with a risk score in real time to
detect and prevent enumeration attacks in card-not-present (CNP)
transactions.
“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,” said Paul Fabara, Chief Risk and
Client Services Officer at Visa. “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.
Thirty three percent of enumerated accounts experienced fraud
within five days of a fraudster obtaining access to their payment
information2. By using generative AI, components to learn normal
and abnormal transaction patterns, Visa’s VAAI Score identifies the
likelihood of complex enumeration attacks in real-time to help
reduce fraud without compromising the integrity of Visa’s
performance and accuracy. The tool has been able to reduce the
false positive rate by 85% compared to other risk models, as the
VAAI Score focuses on specific signals for enumeration allowing for
a stronger performance3. VAAI Score can help issuers with:
- Reduced fraud and operational losses: Helps identify
complex enumeration attacks in real time which can help reduce
follow-on fraud from validated accounts and operational losses due
to enumeration such as customer center calls and card reissuance
and help safeguard clients.
- Improved cardholder experience: Helps identify when
legitimate cardholder transactions are not impacted, while giving
issuers a tool to proactively decline transactions at risk for
enumeration attacks.
- Real-time transaction scoring: Provides a real-time risk
score in 20 milliseconds4 which can help clients in identifying
enumeration and using it in their authorization decisioning when
used with a rules engine.
“With access to advanced technology, fraudsters are monetizing
stolen credentials faster than ever before,” said Michael Jabbara,
SVP Global Head of Fraud Services, at Visa. “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.”
The VAAI Score model has been trained on more than 15 billion
VisaNet transactions and has six times the number of features
compared to previous VAAI models to help better assess suspicious
enumeration transactions. Visa’s approach uses noisy data to train
the highly accurate real time AI model. By evaluating each CNP
transaction against enumeration patterns, the new risk scoring
model derives a two-digit risk score that helps predict the
likelihood of enumeration to help better determine when to approve,
and when to decline, transaction.
At Visa, security and reliability are top priorities year-round.
Over the past five years, the company has invested more than $10
billion in technology, including to reduce fraud and increase
network security. More than a thousand dedicated specialists
protect Visa’s network from malware, zero-day attacks and insider
threats 24x7x365. In FY23 alone, Visa helped to proactively block
$40 billion in fraud5, preventing many from ever knowing they were
at risk of a potential fraudulent transaction. We encourage
consumers to stay alert and think about where they are shopping and
who they are sharing their information with stay safe.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments,
facilitating transactions between consumers, merchants, financial
institutions and government entities across more than 200 countries
and territories. Our mission is to connect the world through the
most innovative, convenient, reliable and secure payments network,
enabling individuals, businesses and economies to thrive. We
believe that economies that include everyone everywhere, uplift
everyone everywhere and see access as foundational to the future of
money movement. Learn more at Visa.com.
1 Enumeration Fraud Loss from VAAI FY23 2 Enumeration Fraud Loss
pulled from VAAI FY23 3 2024 U.S. Visa Account Attack Intelligence
Score Model Documentation 4 In adopting AI models VAAI can evaluate
up to 182 risk attributes in a millisecond to derive a two-digit
risk score predicting the likelihood of enumeration attack. 5 Visa
data (October 1, 2022 – September 30, 2023)
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version on businesswire.com: https://www.businesswire.com/news/home/20240507262164/en/
Allee McDermott amcdermo@visa.com
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