BAKU, Azerbaijan, February 10. Visa banned a record number of potentially fraudulent transactions in 2023, reaching $40 billion in halted transactions, Trend reports.
Meanwhile, the scale of fraudulent transactions around the holidays grows significantly. For example, in December 2023, their numbers climbed by 450 percent over the same month in 2022.
Visa believes that cybercrime and online fraud are on the rise, owing to an increase in the number of cashless transactions.
Visa staff underline that they are constantly working to improve fraud protection for users. They are specifically using machine learning to quickly analyze transactions and are developing a technique to detect fraud schemes in real time. Specialists are always working to improve the encryption and data protection systems.
The use of biometrics for authentication is also predicted to significantly reduce fraudulent activity. This is likely because unique human anatomical markers are employed for identification.
Visa is a global leader in payment technologies, offering innovative solutions for safe and convenient financial transactions. The organization is continually attempting to develop its products and services to match modern user needs and expectations.
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