Originally published on cnbc, July 25, 2024.
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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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