Visa Inc. announced a tool called Advanced Identity Score to help financial institutions to reduce fraud using predictive machine learning and artificial intelligence, according to a press release.
The technology helps banks and credit unions develop a risk score for new account applications in order to combat identity theft and fraudulent activity, including synthetic ID and account takeover fraud.
“Visa’s mission to connect the world and enable individuals, businesses and economies to thrive is more important than ever with Covid-19 affecting communities and all parts of the economy,” Melissa McSherry, senior vice president and global head of data, security and identity products at Visa, said in a company release. “As consumers, financial institutions and merchants focus on controlling expenses during uncertain times, the cost of new account fraud in terms of money and time lost can be significant.”
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