Security News > 2020 > June > Visa unveils AI tool to help stop digital identity fraud
Visa said it created the Advanced Identity Score to reduce the amount of digital identity fraud.
The company described Advanced Identity Score as an effort to combine "Visa's artificial intelligence and predictive machine learning capabilities with application and identity related data to generate a risk score for new account applications to help reduce fraud, prevent negative impact to brand loyalty and trust, and eliminate operational costs due to remediation."
"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."
Barrett said the Advanced Identity Score is the only fraud solution harnessing virtually all US approved/declined bank card application data and account level fraud data to detect and prevent potential fraud.
Visa said its artificial intelligence system pores through data points like fraud and suspicious activity, bankruptcy data across consumer identity elements, and application velocity while also using information from third-party data providers, law enforcement agencies, government agencies, and self-reported data from consumers.