Insiders Edit: Generative AI Powering Visa Fraud Detection
AI Business
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Here are this week's top stories on AI Business:
Visa Uses Generative AI to Catch Suspicious Financial Transactions
Visa is using generative AI to detect financial fraud in customer transactions.
Bad actors can exploit bank accounts through digital tools that enable them to make test purchases. These seem innocuous initially, designed to look like genuine transactions to avoid suspicion before the fraudster then steals sizable sums from the unsuspecting victim’s account.
Known as enumeration attacks, fraudsters steal $1.1 billion annually using this technique, according to Visa.
To combat enumeration attacks, Visa’s new Account Attack Intelligence (VAAI) Score tool uses generative AI to identify suspect transactions in real time.
“Enumeration can have lasting impacts on our clients and there’s an immediate need for tools that can better detect and prevent these attacks in realtime,” said Paul Fabara, Visa’s chief risk and client services officer. “With the VAAI Score, our clients now have access to real-time risk scoring that can help detect the likelihood of an enumeration attack so issuers can make more informed decisions on when to block a transaction.
In 2023, Visa said it blocked $40 billion in fraudulent payments, but the company wants to do more.
Its new AI tool learns a cardholder’s transaction patterns, identifying their normal and abnormal spending habits. The tool automatically assigns a risk score to a payment in around four milliseconds based on its likelihood to be fraudulent, flagging transactions likely to be an attack.
OpenAI Unveils New Model, Widens Access to ChatGPT Tools
OpenAI has unveiled a new flagship AI model and is widening access to its AI tools previously reserved for premium users.
The Microsoft-backed company showcased the new offerings during its Spring Update event.
Rumors swirled before the event that OpenAI was teaming with Apple to offer its foundation models in iOS 18.
Instead, the company announced it’s democratizing ChatGPT access. Having recently enabled ChatGPT use without a signup, OpenAI has now gifted free users the ability to build their own GPTs, as well as access the GPT Store and access to ChatGPT’s vision and voice capabilities.
Powering those now-free capabilities is GPT-4o, OpenAI’s fastest and most powerful to date.
“This is the first time that we are really making a huge step forward when it comes to the ease of use,” said Mira Murti, OpenAI’s chief technology officer. “This is incredibly important because we're looking at the future of interaction between ourselves and the machines.”
There’s more to come as Murti teased: “Soon, we'll be updating you on our progress towards the next big thing.”
AI Gun Detection System Monitors Crowds for Firearms
At the recent Miami Grand Prix, all attention was on Lando Norris, who secured his first Formula One victory for McLaren. Meanwhile, behind the scenes, AI-powered software monitored the crowds for firearms.
AI-based gun detection platform from ZeroEyes was part of the on-site security team at the Miami International Autodrome, where it scanned the race’s 275,000 attendees, alerting authorities within seconds of identifying a weapon.
ZeroEyes’ Miami deployment came as part of a partnership with Louisiana-based Wireless Guardian to demo its AI detection software at a large-scale event.
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Technology from the two companies combined to ensure the race was safe for drivers and spectators.
Sam Alaimo, ZeroEyes co-founder told AI Business that its AI gun detection solution can identify a firearm and inform authorities in three to five seconds.
“The human loop is going to verify the gun and the client will not see it until a human has eyes on it. We want to make sure we don't send a false positive,” he said. “Sometimes it might take a little bit longer if there's some sort of lag with the cameras or a bad internet reception. But the vast majority of the time it's three to five seconds.”
TikTok to Label AI-Generated Content to Reduce Misinformation
TikTok will start automatically labeling AI-generated content uploaded to the social media platform in a bid to combat misinformation.
“AI enables incredible creative opportunities but can confuse or mislead viewers if they don't know content was AI-generated,” according to a company announcement. “Labeling helps make that context clear.”
The social media platform already places similar labels on generated content made in the TikTok app, including its AI Art tool which reimagines existing images.
TikTok will now automatically scan for synthetic content, like the fake Meta Gala images of Katy Perry and Rihanna, while also encouraging users to disclose when they upload such content.
The company has brought in Content Credentials, a technology developed by the Coalition for Content Provenance and Authenticity (C2PA) that attaches metadata to a piece of content, allowing the app to instantly recognize if a piece of content is AI-generated.
The feature has started rolling out but currently only applies to images and videos. TikTok plans to expand the tool to audio-only content soon, it says.
Content Credentials will remain attached to TikToks even if they’re downloaded, meaning the content can be marked as AI-generated if it’s later reuploaded to the platform.
ChatGPT Partners With Stack Overflow, Enhancing Access to Coding Data
OpenAI will leverage a trove of technical information from coding Q&A platform Stack Overflow to train and improve its large language models.
Under the partnership, OpenAI’s flagship chatbot will leverage Stack Overflow’s OverflowAPI suite of tools to enhance its ability to answer coding-related queries.
Additionally, as part of the agreement, ChatGPT will post knowledge from Stack Overflow directly into responses. The OpenAI chatbot will provide attribution to the Stack Overflow source, guiding users to the relevant source.
The Stack Overflow integrations will be available in ChatGPT later this year.
The partnership will also see Stack Overflow leverage OpenAI models in its AI-powered developer tool suite.
“Through this industry-leading partnership with OpenAI, we strive to redefine the developer experience, fostering efficiency and collaboration through the power of community, best-in-class data and AI experiences,” said Prashanth Chandrasekar, CEO of Stack Overflow. “Our goal with OverflowAPI and our work to advance the era of socially responsible AI is to set new standards with vetted, trusted and accurate data that will be the foundation on which technology solutions are built and delivered to our user.”
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