Facing frequent and damaging enumeration attacks, Visa has announced the launch of an AI-powered tool embedded in the updated Visa Account Attack Intelligence (VAAI) system.
The new VAAI Score tool is designed to tackle costly financial fraud that causes approximately $1.1 billion in losses and operational costs annually to the global financial industry.
In enumeration attacks, fraudsters use advanced technologies such as botnets and automated scripts to test and exploit vulnerabilities. It is a rapid, large-scale fraudulent practice that requires urgent countermeasures.
85% fewer false positives
Paul Fabara, Chief Risk and Client Services Officer at Visa, explains: “Enumeration can have lasting impacts on our customers and there is an immediate need for tools that can better detect and prevent these attacks in real time. With the VAAI Score, our customers now have access to real-time risk scores that can help detect the likelihood of an enumeration attack, so issuers can make more informed decisions about when to block a transaction.”
Visa’s analysis shows that 33% of listed accounts typically experience fraud within five days of an attacker gaining access to their payment information. The advanced VAAI Score uses AI to distinguish normal and abnormal transaction patterns in real time, with the aim of stopping and mitigating these attacks.
Visa’s new AI model reportedly trains on “noisy data” to predict complex enumeration attacks, and assigns a risk score to each transaction in real-time for faster response. Visa claims the tool has delivered an 85% reduction rate in false positive cases compared to other risk models.
“With access to advanced technology, fraudsters can make money from stolen credentials faster than ever,” said Michael Jabbara, SVP Global Head of Fraud Services at Visa. “The transactions listed impact the entire ecosystem, and with the VAAI score we are giving our customers an advanced tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they happen.”
VAAI Score will initially be rolled out to US issuers, with other areas to follow.