Visa Inc. (NYSE: V) announced on Monday it has launched a digital tool, Advanced Identity Score, to help U.S. financial institutions with their efforts to combat new account fraud. According to Visa, Advanced Identity Score combines Visa’s artificial intelligence and predictive machine learning capabilities with application and identity-related data to generate a risk score for new account applications to help reduce fraud, prevent negative impact to brand loyalty and trust, and eliminate operational costs due to remediation.
“With U.S. cardholders spending an average of 15 hours to resolve new account fraud, Advanced Identity Score can decrease the number of new accounts opened with stolen identities, protect consumers against synthetic ID or account takeover fraud, save time and help eliminate a poor customer experience.”
While sharing more details about the tool, Melissa McSherry, senior vice president and global head of Data, Security and Identity Products and Solutions at Visa, stated:
“Advanced Identity Score offers financial institutions a powerful tool to use on top of existing systems and processes to prevent identity related fraud. This is the latest example of the value that Visa brings with its scale and expertise in combining data with AI to deliver advanced services that benefit participants in the digital economy.”
Advanced Identity Score helps financial institutions make more informed identity related risk decisions by generating a two-digit Fair Credit Reporting Act (FCRA)-compliant identity fraud score in near real-time designed to help prevent fraud loss at the point of credit or loan application. Visa added:
“[Advanced Identity Score] is the only fraud solution harnessing virtually all U.S. approved/declined bank card application data and account level fraud data to detect and prevent potential fraud.”