Visa has unveiled Aric Risk Hub, an AI-based fraud prevention platform designed to help protect banks, acquirers, and financial institutions against a broad spectrum of fraud and financial crime.
Built on Visa’s acquisition of Featurespace In September, the tool deploys adaptive AI to build profiles around genuine customer activity, maximising approvals and stopping bad actors in real time.
Implemented at Eika Gruppen, an alliance of 46 local banks in Norway, the technology was deemed responsible for a 90% reduction in phishing losses in 2024 vs 2023.
In this case, Aric Risk Hub was deployed to learn the behaviour patterns of Eika customers and establish a ‘normal’ baseline, meaning that, when live, the technology could more accurately flag suspicious behaviour in real-time with minimal false positives.
Tareq Muhmood, head of value-added services, Europe at Visa, comments: "We have been using AI for over 30 years to fight fraud, and now by integrating behavioural data with Aric’s cutting-edge technology we will further help our clients to stay ahead of emerging threats.”