(17 December 2024 ā United States) Visa has completed its acquisition of Featurespace, a developer of real-time artificial intelligence (AI) that mitigates payments fraud and financial crime risks as the fight against financial fraud grows increasingly complex.
Perpetrators continually discover and take advantage of new vulnerabilities using sophisticated tools and technology. Visa will add Featurespaceās capabilities into its fraud prevention and risk-scoring offerings. By combining the two companiesā highly complementary products and tools, customers will have access to enhanced fraud protection services to help keep their businesses safe and secure, including real-time detection of sophisticated fraud attacks, without adding friction to the user experience.
āWe are thrilled to welcome Featurespace to Visa. Both our companies have been at the forefront of using AI to solve longstanding challenges and pain points in the payments industry. Together, we will offer a valuable combination of cutting-edge technology and industry expertise to help our clients continue to grow amidst an increasingly complex threat landscapeā commented Visa President, Value-Added Services, Antony Cahill.
āWe developed our innovations to help crack even the most complex fraud cases. As part of Visa, we will be able to set a new standard in AI-powered fraud prevention and integrate our solutions into a series of products and services that will help make the world a safer place to transactā stated Featurespace Founder, David Excell.