Visa Introduces Advanced Identity Score to Help Financial Institutions Prevent New Account Fraud
The Baytown Sun
Visa Inc. (NYSE: V) today announced a digital tool to help U.S. financial institutions with their efforts to combat new account fraud – estimated at $10 billion a year – and give consumers greater peace of mind.
Advanced Identity Score combines Visa’s artificial intelligence and predictive machine learning capabilities with application and identity related data to generate a risk score for new account applications to help reduce fraud, prevent negative impact to brand loyalty and trust, and eliminate operational costs due to remediation. With U.S. cardholders spending an average of 15 hours to resolve new account fraud, Advanced Identity Score can decrease the number of new accounts opened with stolen identities, protect consumers against synthetic ID or account takeover fraud, save time and help eliminate a poor customer experience.