In the contest of prowess between scam artists' techniques and generative AI, Visa provides an insightful resolution.'
Malevolent actors exploit vulnerabilities in digital banking through surreptitious test transactions, initially disguised as legitimate activities to evade suspicion, only to subsequently abscond with substantial sums from unwitting victims' accounts. Termed enumeration attacks, these schemes are responsible for an annual theft of $1.1 billion, as reported by Visa. In response, Visa has unveiled its Account Attack Intelligence (VAAI) Score, an innovative tool harnessing generative AI to promptly identify and neutralize such nefarious transactions.
Paul Fabara, Visa's Chief Risk and Client Services Officer, emphasized, "Enumeration's repercussions can be profound on our clientele, necessitating immediate deployment of sophisticated mechanisms to promptly detect and thwart these onslaughts. The VAAI Score empowers our clients with real-time risk assessment, enabling them to gauge the probability of an enumeration attack and confidently decide on transaction interception, thereby safeguarding their assets."
Visa, which successfully intercepted $40 billion in fraudulent transactions in 2023, seeks to augment its defenses further. The AI-powered tool meticulously studies cardholders' transaction behaviors, distinguishing routine from anomalous expenditures. Within a mere four milliseconds, it dynamically allocates a risk score to each payment, predicated on its potential for fraudulence, thereby spotlighting transactions posing a significant threat.
Backed by a training dataset exceeding 15 billion transactions, the VAAI Score algorithm cross-references transactions against an extensive archive of past enumeration tactics. This comparative analysis empowers the model to forecast the probability of a transaction being an active enumeration attempt with remarkable precision.
Moreover, Visa has reported an 85% reduction in false positives compared to conventional risk models, underscoring the efficacy of the VAAI Score. Michael Jabbara, Visa's Global Head of Fraud Services, remarked, "As fraudsters leverage advanced technologies to monetize stolen data at unprecedented speeds, enumeration transactions pose a systemic threat. The VAAI Score represents our commitment to arming clients with a cutting-edge defense mechanism, capable of safeguarding cardholder accounts from compromise and forestalling fraudulent transactions proactively."
