Visa has launched an artificial intelligence (AI)-powered real-time fraud detection service in the UK, aimed at preventing account-to-account (A2A) fraud.
Visa said in a statement on Thursday that the company is making the “Visa Protect for A2A Payments” service available to all UK banks following a pilot program in which it was identified by the banks' fraud prevention systems. An additional 54% of fraud is detected. May 30) Press release emailed to PYMNTS.
“The UK has one of the most advanced payment systems in the world, but also sees some of the highest levels of account-to-account fraud,” Mindy LambManaging Director of Visa UK and Ireland said in the release. “Once fraud occurs, money is in the hands of criminals, so in the financial services industry and beyond, fraud prevention must be our collective goal.”
A pilot program for this new service was conducted in partnership with pay.United KingdomThe organization that runs the UK's retail payments operations, according to the release.
During the pilot, Visa used its AI technologies to analyze billions of UK retail bank transactions. 12 month period and identify fraudulent transactions that were already made, the release said.
Based on the results of the pilot program, “Visa Protect for A2A Payments” could potentially save £330 million (about $419 million) from A2A fraud in the UK before the money even leaves the victim's bank account, the suspect said. By helping prevent fraudulent transactions, according to the release.
“The positive results of this pilot demonstrate the importance of innovation and industry collaboration in developing effective solutions to stay ahead of fraudsters and protect people in the changing payments landscape.” Kate FrankishChief Business Development Officer and Anti-Fraud Lead at Pay.UK said in the release.
Fraud Damages 1.2 billion pounds (about $1.5 billion) in the UK by 2023 UK Finance.
Losses of unauthorized fraud in payment cards, remote banking And Checks that year totaled £708.7 million (about $899.5 million), while Authorized Push Payment (APP) fraud losses totaled £459.7 million (about $583.5 million).
The total was down 4% compared to 2022, an improvement UK Finance attributed to financial services industry initiatives designed to protect consumers and prevent fraud.