Visa adds generative AI tool to combat enumeration attacks

Visas has launched a generative artificial intelligence (AI) solution to help issuers combat enumeration attacks.

The new VAAI score tool is added to this Information about attacks on Visa accounts (VAAI) offering, starting with U.S. issuers, the company said in a press release emailed to PYMNTS on Tuesday (May 7).

“With the VAAI Score, our customers now have access to real-time risk assessment that can help identify the likelihood of an enumeration attack, allowing issuers to make more informed decisions about when to block a transaction.” Paul FabaraChief Risk and Client Services Officer at Visa said in the release.

Enumeration attacks, where threat actors are increasingly using automated scripts and botnets And According to the press release, other technologies used to amplify these card testing attacks are responsible for $1.1 billion in fraud losses.

The VAAI score will help reduce these losses by using generative AI to assign a risk score to each transaction and prevent these attacks Map not available (CNP) transactions, the press release states.

The tool can learn normal and abnormal transaction patterns and identify the likelihood of complex enumeration attacks in real time And Help customers use risk assessment in their authorization Decision when used with a rules engine, depending on the version.

“Thanks to access to advanced technology, fraudsters are monetizing their stolen credentials faster than ever before.” Michael Jabbara, senior vice president and global head of fraud services at Visa, said in the press release. “Accounted transactions impact the entire ecosystem, and with the VAAI Score we are giving our customers a sophisticated tool that can help prevent cardholder account compromise and stop fraudulent transactions before they happen.”

PYMNTS Intelligence has found that many companies and financial institutions are struggling to find ways to deal with the increasing complexity of Financial crime.

58 percent of financial institutions said that the sophistication of fraud systems is a challenge in combating fraud, and about a quarter of the largest financial institutions by asset size consider this the biggest challenge they face, according to “The State of Fraud and Financial Crime in the United States“, a PYMNTS Secret Service and Feature space Cooperation.

The report also found that nearly two-thirds of financial institutions reported an increase in credit card fraud.