Visa Protect for A2A Payments Detects 54% of Fraud Attempts in Real-Time Money Transfers Using AI

Visa’s AI-powered security technology enhances the safety of real-time account-to-account (A2A) payments, aiming to significantly reduce fraud cases globally.

As real-time money transfers continue to gain widespread adoption, fraudulent activities targeting these transactions are also on the rise. Visa has introduced Visa Protect for A2A Payments, an AI-powered fraud prevention solution that significantly enhances the safety and security of account-to-account payments.

In a pilot program conducted in the United Kingdom, Visa demonstrated that its AI-based fraud detection system successfully identified 54% of fraudulent transactions that passed through banks’ advanced detection systems. This breakthrough technology has the potential to save UK consumers, businesses, and the economy £330 million annually, out of the £600 million lost to fraud each year.

AI-Driven Real-Time Fraud Detection

Visa’s latest innovation, Visa Protect for A2A Payments, leverages predictive AI technology to analyze billions of payment transactions in real-time. The pilot, conducted in collaboration with Pay.UK (the UK’s retail payment operator), assessed over 50% of the UK’s annual account-to-account payment volume over 12 months.

Visa’s AI-enhanced fraud detection system builds on the company’s proven success in preventing card-based fraud and extends these capabilities to real-time, cardless payments. By identifying suspicious transactions in milliseconds, the system helps prevent fraudulent transfers before funds leave users’ accounts.

A Proven Investment in Payment Security

Visa has invested over $10 billion in security and fraud prevention technologies over the last five years. In 2023 alone, Visa prevented approximately $30 billion worth of fraudulent activities globally. These efforts have ensured that Visa’s fraud rates remain among the lowest across all payment methods worldwide.

The Visa Protect for A2A Payments solution is part of Visa’s comprehensive suite of value-added services, which includes categories such as Acceptance, Advisory, Issuing, Open Banking, and Risk and Identity.

Visa Protect for A2A Payments in Turkey

Following the successful UK pilot, Visa is now offering Visa Protect for A2A Payments to banks across Turkey. The solution is designed to support real-time fraud detection, safeguarding individual and business transactions without compromising payment speed or reliability.

Samile Mümin, General Manager of Visa Turkey, stated:
“We are thrilled to see how our AI-driven security solutions enable individuals and businesses to transact with confidence in the rapidly evolving world of instant payments. With Visa Protect for A2A Payments, we aim to work with banks to strengthen trust in real-time money transfers while making a tangible difference in combating fraud.”

How Visa Protect for A2A Payments Works

Visa’s AI technology continuously analyzes billions of transactions, identifying fraud risks and assigning a risk score to detect and block fraudulent transfers in real-time. This seamless process ensures that security measures do not interfere with the speed and efficiency of account-to-account payments.

Key Benefits of Visa Protect for A2A Payments:

• Real-Time Detection: Identifies and prevents suspicious transactions instantly.
• Advanced AI Capabilities: Builds on Visa’s proven success in card-based fraud detection.
• Substantial Savings: Potential to reduce annual fraud losses in the UK by £330 million.
• Global Security Leadership: Part of Visa’s $10 billion investment in payment security technologies.