Payments giant Visa is using artificial intelligence and machine learning to counter fraud, James Mirfin, global head of risk and identity solutions at Visa, told CNBC.
The company prevented $40 billion in fraudulent activity from October 2022 to September 2023, nearly double from a year ago.
Fraudulent tactics that scammers employ include using AI to generate primary account numbers and test them consistently, said Mirfin of Visa.
We do about 300 billion transactions a year," Mirfin told CNBC.
It's looking at a range of different attributes and we're evaluating every single transaction," Mirfin said.
Persons:
James Mirfin, Mirfin
Organizations:
Visa, CNBC, PAN