Here’s how VISA, Mastercard and PayPal are fighting cyber frauds with AI
It’s difficult to say how successful these payment technology companies are when it comes to 100% fraud mitigation. But they have placed higher bets on AI with a belief in machine intelligence rather than human intervention in cybersecurity.
In order to ensure that digital becomes the preferred payment option and the sector can see sustainable growth, safety and security are table stakes. Risk and fraud mitigation are inherent to the domain of managing payments at scale.
For example, security is one area that attracts the biggest investment at PayPal, which processes over 33 million transactions per day, moving more than $22,000 every second across the systems in total payment volume – close to $1 trillion annually.