FOSTER CITY, Calif.—Visa is rolling out a platform to help its engineers quickly test advanced artificial-intelligence algorithms aimed at detecting and preventing credit-card fraud.
The platform, built in house and slated to be launched later this year, is an example of the broader financial-services industry trend of using AI to detect patterns in transactions that could signal criminal behavior, The Wall Street Journal said.
“The platform is cloud-based, meaning that Visa's researchers and engineers can access it online from anywhere,” the Journal said.
The banking industry is expected to be the second biggest spender on AI systems this year, behind retail, the Journal noted.