The buck starts here: How AI shapes the future of money paid googlecloud
Wall Street is the financial district of New York City. It is the home of the New York Stock Exchange, the world's largest stock exchange by market capitalization of its listed companies.Nowhere is the change more dramatic than in Financial Services. Companies use AI across the transaction chain, from spotting complicated credit card scams to easing their regulatory burden. There are reasons on both the client and provider side why this is happening now.
AI-based fraud mitigation technologies go through petabytes of data in the blink of an eye, so merchants and financial institutions can spot erratic or suspicious card usage in real-time payments. Visa’s new suite of AI-based tools, offered to clients without an additional fee or sign-up, evaluate a flowing stream of transactions and rely on self-teaching algorithms, rather than static sample datasets and fixed rules, to evaluate transactions as they happen.
AI may also help reduce phone scams, when integrated with voice biometrics that identify a user’s voice signature. Organizations can more quickly flag and reroute fraudulent phone calls to their appropriate cyber crime teams, before the bad guys have access to an individual’s financial account.
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