Visa Is Rolling Out New Scam Detection Tech. It’s Already Prevented $460 Million in Losses in the U.K. Alone

The new fraud detection system from Visa is ‘invisible to the customer.’ Here’s what it does.

Illustration: Inc; Photo: Adobe Stock

James Mirfin, Visa’s head of risk and security, has spent the past few months helping his father, who has been in and out of the hospital in the U.K., move money around. “I know how hard it is now to add a new payee to your bank account,” he told me. “It’s like, have you met this person? Did they call you? You go through all these 15 questions, and eventually if you get them right, you can press pay.”

Fraudsters also know what those questions are. Coaching a victim through the answers is a standard part of running a scam, which results in those safety checks slowing down honest customers while the people they were built to catch breeze past them.

To fix........

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