Visa has launched Aric Risk Hub, an AI-powered fraud prevention platform, aimed at safeguarding banks and financial institutions from diverse fraud and financial crimes. This tool utilizes adaptive AI, stemming from Visa’s acquisition of Featurespace, to establish profiles of legitimate customer behavior, enhancing approval rates and halting fraudulent activities in real time.
Eika Gruppen, a Norwegian banking alliance, implemented Aric Risk Hub and reported a 90% decrease in phishing losses in 2024 compared to 2023. The platform learned Eika customers’ typical patterns, enabling it to accurately detect suspicious behavior with few false alarms.
Tareq Muhmood of Visa emphasized the company’s 30-year history of using AI to combat fraud. He highlighted that integrating behavioral data with Aric’s technology will further empower clients to proactively address emerging threats.
