Visa Introduces AI-Driven Fraud Detection Tool to Tackle Enumeration Attacks

Visa has unveiled its latest innovation in the battle against fraud: the Visa Account Attack Intelligence (VAAI) Score, a generative AI (Gen AI)-powered solution designed to mitigate the risks associated with enumeration attacks during card-not-present transactions, as stated in FinTech Magazine. The company disclosed that these types of attacks are costly, causing operational burdens and annual fraud losses of approximately US$1.1 billion.

The new tool employs Gen AI to evaluate the risk of enumeration attacks by scoring transactions in real-time. This approach aims to significantly decrease fraud and operational losses. Initially available to US issuers, the VAAI Score is a testament to Visa’s commitment to leading the fight against increasingly sophisticated fraud tactics, including botnets and automated scripts.

Paul Fabara, Chief Risk and Client Services Officer at Visa, emphasized the urgency of addressing these threats: «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. 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.»

Visa’s new tool has demonstrated its efficacy by reducing the false positive rate by 85% compared to other risk models. The VAAI Score model, trained on over 15 billion VisaNet transactions, boasts six times the number of features of previous models, enhancing its ability to identify suspicious patterns more accurately.

Michael Jabbara, SVP and Global Head of Fraud Services at Visa, also highlighted the evolving challenges: “With access to advanced technology, fraudsters are monetising stolen credentials faster than ever before. 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.”

This development follows Visa’s strategic move to join the AWS Partner Network, which will facilitate easier access to its services for cloud-native fintech, financial institutions, and enterprise clients, further bolstering its leadership in payment security.