Many people in the US are worried about identity theft. A survey found that 42 million adults in the US have been affected by it. Identity theft is when someone steals personal information to commit fraud or other crimes. It’s a big problem, and it’s getting worse because criminals are using powerful AI tools.
Visa, a financial institution, is using AI to fight back against fraud. They’re using a type of AI called generative AI to help stop a common type of fraud. This fraud happens when someone tries many different combinations of credit card details to make unauthorized purchases online.
Visa’s AI tool, called Visa Account Attack Intelligence (VAAI), looks at online transactions to figure out which ones might be fraudulent. It assigns a risk score to each transaction in real time to help banks decide if they should block it. This helps stop fraudulent transactions without affecting legitimate purchases.
The VAAI tool has been trained on billions of Visa transactions to learn what normal and abnormal transactions look like. This helps it spot suspicious activity more accurately. It’s a big step forward in fighting fraud and protecting people’s money.
Source: CNET
