Security News > 2022 > May > Visa breaks down $9 billion investment in security, fraud initiatives

Visa has invested $9 billion over a five-year period to fund new fraud and security initiatives that include multi-layered cybersecurity, AI and analytics to further secure digital transactions.

One service, Visa's flagship predictive analytics product Advanced Authorization, prevented an estimated $26 billion in fraud in 2021, according to Michael Jabbara, vice president and global head of fraud at Visa, in a recent interview with TechRepublic.

Advanced Authorization leverages 500 data elements in every Visa processed transaction to provide a risk score to clients.

"For us to drive access to Visa products and capabilities, we have to continue to invest in that security foundation and build new capabilities as they relate to data, AI and tokenization to allow cardholders to transact more securely."

The technologies enable Visa to shift its focus as the security landscape evolves along with changing customer behaviors, and the growing sophistication of threat actors, he said.

Visa has also introduced its Cloud Token Framework, designed to enhance security and increase approval rates for card-not-present transactions across multiple payment experiences and devices.

News URL

https://www.techrepublic.com/article/visa-9-billion-investment-security-fraud/