Steven Alexander’s Post

“Visa’s Bold AI Vision: Combating Fraud and Boosting Productivity with Human-AI Collaboration” Visa is accelerating its use of generative AI, deploying over 500 applications to enhance productivity, detect fraud, and drive innovation. Visa believes that rapid AI adoption is essential as fraud tactics evolve. Visa has invested $3.3 billion in AI infrastructure over a decade, with recent applications including tools for detecting security vulnerabilities, managing billing cycles, and combating fraud, which costs the company over $1 billion annually. While some companies are cautious with AI investments, Visa’s strategy prioritizes speed and broad employee involvement, laying the groundwork for a future where human workers oversee AI-driven “digital employees” to optimize tasks. The inspiring aspect of Visa’s approach lies in its commitment to pioneering innovation while tackling one of the biggest challenges in finance: fraud. The company’s “go-fast” strategy leverages generative AI to stay ahead of increasingly sophisticated cyber threats. With a clear vision of blending human expertise with AI-driven productivity, Visa’s approach is both ambitious and forward-thinking. The punchline is Visa’s vision for AI not as a tool that replaces human workers, but as a transformative force that supports them, making daily tasks faster and allowing them to oversee AI “employees” that optimize operations and safeguard customers. This proactive stance reflects Visa’s commitment to setting a new industry standard for AI innovation and resilience in financial security. Other companies can learn from Visa’s approach to AI by focusing on several key strategies: 1. Embed AI Across the Organization 2. Set Up Strong Governance and Guardrails 3. Embrace AI for Productivity, Not Just Automation 4. Iterate Quickly but Purposefully 5. Measure Returns and Iterate Ultimately, companies can draw from Visa’s vision of human-AI collaboration, positioning AI as a partner to employees rather than a replacement, to enhance both security and innovation in their own industries.

** Top Tech and AI News ** Welcome to today's update from DevTech.pro, bringing you the latest and most impactful news in AI, Tech, and API integrations to keep you informed and ahead of the curve. AI News: How Visa employed artificial intelligence to check $40 billion in fraud as scammers also take to AI Visa is combatting $40 billion worth of fraud by utilizing artificial intelligence and machine learning tools. The company analyzes over 500 attributes per transaction to create a risk score, detecting and preventing fraudulent activities. Fraudsters are now leveraging generative AI to make their scams more convincing than ever, resulting in significant losses for consumers. By investing in technology and implementing AI, Visa aims to reduce fraud and enhance network security. Incidents involving generative AI fraud are expected to increase in sophistication, potentially leading to billions of dollars in losses in the coming years. (Learn more at: https://lnkd.in/evHj2PSw) #devtech.pro #AI #technology #trending #news #innovation #technology #creativity #knowledge #entrepreneurship This article is written and published by Doki. Doki is our documentation's and social media's AI Agent.

Transforming Credit Card Security: Mastercard and Visa's AI Innovations Mastercard and Visa have made significant advancements in credit card fraud detection using artificial intelligence (AI) technologies. Mastercard's generative AI model, Decision Intelligence Pro, analyzes data from 125 billion transactions annually to detect fraud in real-time. This model uses recurrent neural networks to understand connections between retailers and predict fraudulent activities by examining cardholder behavior. Transformer models enhance this AI's effectiveness, improving fraud detection rates by up to 300%. Visa employs AI-driven customer behavior analysis to personalize shopping experiences and strengthen security protocols. It requires user consent for data sharing and provides easy options to revoke access through bank apps. The integration of AI into fraud detection systems by Mastercard and Visa marks a major advancement in financial security, enhancing fraud protection, customer satisfaction, and operational efficiency. These developments are crucial in the financial sector, where real-time data processing and predictive analytics play a vital role in preventing fraud and reducing costs. 👉 For the Pharmaceutical Industry: A Lesson in AI Integration The pharmaceutical manufacturing sector can gain valuable insights from Mastercard and Visa's AI advancements. By leveraging AI to manage large data sets and ensure Good Manufacturing Practices (GMP), pharmaceutical companies can improve data accuracy and operational efficiency. For example, Novartis has used AI to optimize manufacturing, leading to significant cost savings and improved product quality. Dr. David King, an AI expert, notes, "AI-driven data analysis transforms the way pharmaceutical companies operate, ensuring efficiency and compliance at every step." AI-powered fraud detection models show an average 20% improvement, with some achieving up to 300%. Applying similar AI technology in pharmaceutical production could significantly boost efficiency and compliance, setting new industry standards. Pharmaceutical firms can transform their manufacturing processes by adopting AI technology, ensuring compliance, increasing efficiency, and promoting innovation. Learning from the financial sector's AI advancements offers a roadmap for success. References - https://lnkd.in/e6DbZf5S #AI #ArtificialIntelligence #AIinGxP

#ZACHMultimediaPinkSlipIssuers #ZACHMultimediaAIInsights "Visa Has Deployed Hundreds of AI Use Cases. It’s Not Stopping. "‘Impatience is a virtue,’ said Visa’s president of technology, Rajat Taneja By Isabelle Bousquette, The Wall Street Journal, 1 Nov 2024 [Image - Rajat Taneja said Visa doesn’t invest in AI to displace talent. Photo: Vincent Isore / ZUMA Press] "Visa is leaning on staff to quickly drum up generative AI use cases even as the payments giant streamlines its international business and cuts jobs. "President of Technology Rajat Taneja said the company already has more than 500 generative artificial intelligence applications in use, the result of a go-fast strategy designed to reap the AI’s benefits sooner and keep pace with bad actors whose fraud methods are becoming more sophisticated. "“This is a time when I think we have to innovate very fast,” Taneja said. "At the same time, Visa is contending with a restructuring of its international business. The company plans to lay off around 1,400 employees and contractors by the end of the year, according to people familiar with the matter. Roughly 1,000 are technology positions, they said. Visa said it continuously evolves to better serve clients and support growth, “which can lead to the elimination of some roles.” "“We don’t invest in AI to displace our talent; we invest in AI to help our employees be more productive, continue to protect consumers from fraud, and to drive consistent innovation in payments,” a spokesman said. "Visa’s flood-the-zone approach with AI apps comes as the appetite across the board for blind spending on AI has diminished. CEOs and boards are putting more pressure on seeing actual returns—which often are turning out not to be there. "Thirty-seven percent of organizations surveyed in Gartner’s annual CIO and Technology Executive Survey this year said they are using generative AI in production, up from 9% last year. "Visa’s deployments include a tool that finds security bugs in code, chatbots designed to act as subject matter experts on various areas of the business and a tool that helps subscribers customize timings of their billing cycles. "Visa said it has invested $3.3 billion in AI and data infrastructure over the last 10 years. "Visa’s generative AI approach has pluses and minuses, said Gartner AI analyst Whit Andrews, adding that first movers quickly discover what works and what doesn’t. Those who wait will learn from the mistakes of others and be able to just tackle the projects with the highest probability of success. More than 60% of organizations are still in that second bucket, he said, but it isn’t clear yet which approach will pay more returns in the end. "Gauging those returns on generative AI work can be a challenge, Taneja said. Apps designed to help catch fraud can show how many dollars of fraud they saved. One new AI tool is aimed at identifying enumeration attacks, which inflict $1.1 billion annually in fraud losses..."... ...

🎙️ "Hello LinkedIn community! Today, I want to share with you an exciting development in the world of artificial intelligence and banking. 🌍💼 Recently, I came across an article on CNBC that caught my attention. It discusses how Mastercard has launched a groundbreaking AI model, inspired by GPT, to help banks detect fraud more effectively. 🚀🔒 Fraud detection has always been a critical challenge for financial institutions. With the rise of digital transactions and sophisticated cybercriminals, traditional methods alone are no longer sufficient. That's where Mastercard's innovative AI model comes into play. 🤖💳 By leveraging the power of GPT-like technology, Mastercard aims to revolutionize fraud detection in the banking industry. This AI model can analyze vast amounts of data, identify patterns, and detect potential fraudulent activities with remarkable accuracy. 💡🔍 Imagine a world where banks can proactively protect their customers from fraud, preventing financial losses and safeguarding their trust. This AI model has the potential to make that vision a reality. 💪💰 But it doesn't stop there. This development also opens up new possibilities for other industries. The ability to analyze data and detect patterns can be applied to various domains, such as cybersecurity, healthcare, and even marketing. The potential is truly limitless! 🌐📈 I believe this is a significant step forward in the ongoing evolution of AI and its impact on our daily lives. It's crucial for us to stay informed and embrace these advancements, as they have the potential to shape our future in unimaginable ways. 🌟🔬 Now, I would love to hear your thoughts on this exciting development. How do you think this AI model will transform the banking industry? What other applications can you envision for this technology? Let's start a conversation and explore the possibilities together! 🗣️💭 #AI #FraudDetection #Innovation #Banking #Technology #Future"

Just finished reading the VCA (Visa Consulting & Analytics (VCA) report, "Generative AI in Payments". This technology will change the future of the payments industry and there will be many interesting features that banks can provide their customers with. The paper pivots to the use of generative AI in business operations, like studying market dynamics, developing winning brands, designing individualized marketing methods, and enhancing customer experiences. However, the report emphasizes the importance of careful implementation. Factors like transparency, fairness, security, and reliability need to be considered to mitigate potential risks. Organizations must choose the right AI tools and ensure ethical usage. Having the payments sector teetering between the old way and innovation, this article focuses on the power and impact of generative #AI in helping with growth, enhancing client engagement, and improving operations efficiencies. Thank you Visa and Visa Consulting & Analytics (VCA) Official Link: https://lnkd.in/gnyAufV3 MEHDI SARDAOUI Zvonimir Filjak David Jimenez Maireles Sam Boboev Igor Babych Maximilian Salomon Saleh ALhammad #AI #Payments #Innovation #GenerativeAI

We have an industry tested( more than 7 years ) AI regulatory reporting offering , that has been deployed with the British government, Singapore Monetary Authority, investment firms, global banks, legal and other institutions.   Our AI solution can be implemented for Revenue Generation, Risk Management, AML and Compliance as well as tremendous overhead savings. Our technology and approach will provide more flexible solutions faster, more cost effectively and ultimately the highest accuracy. (high 90’s accuracy with full traceability)   We can emulate your specific workflow requirements and unlike other solutions, we provide full data and decision transparency. With our ability to accept and analyze data from any sources including but not limited to financials, reports, files, news and prices for analysis we can demonstrate and provide new capabilities firms need to compete and manage the increasing risk and regulatory environments.  Our solution can increase the productivity of your organization teams up to 50 to 1 (as case studies of our solution have proven). interested in a chat and or demo? brett.evans@capital-markets-advisors.com 

Just finished reading the VCA (Visa Consulting & Analytics (VCA) report, "Generative AI in Payments". This technology will change the future of the payments industry and there will be many interesting features that banks can provide their customers with. The paper pivots to the use of generative AI in business operations, like studying market dynamics, developing winning brands, designing individualized marketing methods, and enhancing customer experiences. However, the report emphasizes the importance of careful implementation. Factors like transparency, fairness, security, and reliability need to be considered to mitigate potential risks. Organizations must choose the right AI tools and ensure ethical usage. Having the payments sector teetering between the old way and innovation, this article focuses on the power and impact of generative #AI in helping with growth, enhancing client engagement, and improving operations efficiencies. Thank you Visa and Visa Consulting & Analytics (VCA) Official Link: https://lnkd.in/gnyAufV3 MEHDI SARDAOUI Zvonimir Filjak David Jimenez Maireles Sam Boboev Igor Babych Maximilian Salomon Saleh ALhammad #AI #Payments #Innovation #GenerativeAI

Just finished reading the VCA (Visa Consulting & Analytics (VCA) report, "Generative AI in Payments". This technology will change the future of the payments industry and there will be many interesting features that banks can provide their customers with. The paper pivots to the use of generative AI in business operations, like studying market dynamics, developing winning brands, designing individualized marketing methods, and enhancing customer experiences. However, the report emphasizes the importance of careful implementation. Factors like transparency, fairness, security, and reliability need to be considered to mitigate potential risks. Organizations must choose the right AI tools and ensure ethical usage. Having the payments sector teetering between the old way and innovation, this article focuses on the power and impact of generative #AI in helping with growth, enhancing client engagement, and improving operations efficiencies. Thank you Visa and Visa Consulting & Analytics (VCA) Official Link: https://lnkd.in/gnyAufV3 #AI #Payments #Innovation #GenerativeAI #isapexchange

AI continues to find new use cases to improve how we live and how we pay. Visa has been using AI to detect and flag potentially fraudulent card transactions for 30 years. We’ve taken those learnings and the AI and applied it to Bank account to Bank account transactions in the UK (and a few other markets).  The results are impressive and will improve over time as machine learning improves to decline the false positives. This is where the global scale of a network like Visa can truly help domestic payment networks. We can bring learnings of fraudulent behaviour, right down to every single local transaction. This is a great read to discover how we do it. https://lnkd.in/e9U-KMJr