Visa launches the Visa Account Attack Intelligence (VAAI) Score, a new AI tool to combat enumeration attacks in card-not-present transactions, reducing fraud losses and operational expenses. The VAAI Score utilizes generative AI to provide real-time risk scoring, significantly improving fraud detection while minimizing disruptions to legitimate transactions.
8 May 2024 – Visa, a global leader in digital payments, has unveiled a new solution to tackle the rising threat of card testing attacks. The company announced the launch of the Visa Account Attack Intelligence (VAAI) Score, a cutting-edge tool powered by generative AI, designed to detect and prevent enumeration attacks in real time, particularly in card-not-present (CNP) transactions.
Enumeration attacks, which exploit vulnerabilities using automated scripts and botnets, have been a growing concern for financial institutions, causing significant operational expenses and fraud losses. According to Visa, these attacks result in annual fraud losses of approximately $1.1 billion globally. To address this issue, the VAAI Score has been developed to analyze transaction data and assign a risk score to each transaction, enabling issuers to make informed decisions swiftly.
Paul Fabara, Chief Risk and Client Services Officer at Visa, emphasized the immediate need for effective tools to combat enumeration attacks, stating that the VAAI Score provides real-time risk scoring to help detect and prevent these attacks. Michael Jabbara, SVP Global Head of Fraud Services at Visa, highlighted the importance of protecting cardholder accounts and preventing fraudulent transactions through the use of advanced technology like the VAAI Score.
The VAAI Score utilizes generative AI components to learn normal and abnormal transaction patterns, enabling it to identify complex enumeration attacks in real time with high accuracy. Compared to other risk models, the VAAI Score has reduced the false positive rate by 85%, providing a more reliable solution for fraud detection. This tool not only helps reduce fraud and operational losses but also enhances the cardholder experience by minimizing disruptions to legitimate transactions.
The new risk scoring model has been trained on a vast dataset of more than 15 billion VisaNet transactions, with a focus on improving accuracy and performance. Visa’s commitment to security is evident through its substantial investments in technology, including over $10 billion in the past five years, to strengthen network security and reduce fraud. The company employs a dedicated team of specialists to proactively monitor and prevent fraudulent transactions, blocking $40 billion in fraud in FY23 alone.
Visa encourages consumers to remain vigilant and cautious when sharing their information and shopping online to protect themselves from potential fraudulent activities.
