Visa unveils AI tool to help stop digital identity fraud

On an almost weekly basis news about breaches dominates headlines. The prevalence of attacks has created an ever-growing pool of stolen credentials that are routinely used to open fraudulent accounts, take out onerous loans, or max out cards. To deal with this problem, experts at Visa have come up with a way to use artificial intelligence and machine learning to reduce the stress felt by banks in trying to determine what applications are fake and which are real. Melyssa Barrett, Visa's vice president of Identity & Risk Products, explained in an interview that studies show 13 billion data records have been lost or stolen in global breaches since 2013 and there have been $10.2.billion in combined estimated losses in new account fraud ($3.4 billion) and account takeover ($6.8 billion) in the US in 2019. Visa said it created the Advanced Identity Score to reduce the amount of digital identity fraud.