Visa, a digital payment technology company, recently announced a new department focused on identifying and stopping complex scams as they emerge.
Visa Scam Disruption (VSD) leverages Visa’s deep expertise, technologies, and partnerships to protect consumers, clients and businesses. It is part of Visa Payment Ecosystem Risk and Control (PERC).
“Visa has invested over $12 billion dollars in technology over the last five years, including to reduce fraud and enhance network security,” Paul Fabara, Visa chief risk and client services officer, said. “At the same time, we have made a significant investment in our best weapon against scammers: our people. By combining our proprietary technology with the unique experiences and perspective our talent brings, we can more effectively identify and defeat even the savviest scammers.”
Last year, VSD saved victims $350 million, and PERC blocked $40 billion in attempted fraud on the Visa network.
VSD uses three methods to protect customers:
Using three methods, VSD protects customers by:
- Mitigating scams using an investigation process that leverages multiple channels and methodologies to identify and address scams before they inflict losses on consumers,
- Utilizing a cross-disciplinary team to deploy mitigation strategies, and
- Using technology, such as generative artificial intelligence tools, and extensive proprietary network-level data to analyze and thwart scams.