Originally published on cnbc, July 25, 2024.
KEY POINTS
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. The PAN is a card identifier, usually 16 digits but can be up to 19 digits in some instances, found on payments cards.
Using AI bots, criminals repeatedly attempt to submit online transactions through a combination of primary account numbers, card verification values (CVV) and expiration dates – until they get an approval response.
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