Payment provider Visa has rolled out a new AI platform to improve fraud prevention.

The ARIC Risk Hub is designed to help protect banks, acquirers and financial institutions against a range of different types of financial crime.

The platform is powered by Featurespace, which Visa acquired in September last year, and uses AI to build profiles around genuine customer activity which the company said maximises approvals and stops bad actors in real time.

Visa said that a new partnership with Eika Gruppen, an alliance of 46 local banks in Norway, and has shown AI’s potential to “drastically” reduce the billions which is lost to fraud and scams each year.

Following the implementation of the ARIC Risk Hub, Visa claims Eika Gruppen saw a significant decrease in successful fraud attempts across its customer base, with a 90 per cent reduction in phishing losses in 2024 compared to 2023.

"Accepting a payment is a fundamental need of any business. Leveraging new technology to accept payments more efficiently and securely can be what sets a business apart in today’s rapidly digitalising world,” said Antony Cahil, president of value-added services at Visa. “With our new services, we’re helping businesses harness data-driven insights, simplify the checkout experience, and fight fraud more effectively than ever.”

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