Visa, a global leader in digital payments, has taken a significant step forward in the fight against financial fraud with the launch of ARIC Risk Hub, an advanced AI-powered platform. Designed to protect banks, acquirers, and financial institutions from a wide range of fraudulent activities, this new solution is part of Visa’s broader strategy to expand its portfolio of value-added services.
The ARIC Risk Hub, developed in collaboration with Featurespace, uses adaptive AI to create real-time customer behavior profiles. This allows the system to maximize legitimate payment approvals while blocking fraudulent transactions instantly. The platform operates within an open ecosystem, making it compatible with all types of payment systems.
A Game-Changing Partnership in Norway
Visa’s partnership with Eika Gruppen, a consortium of 46 local banks in Norway, has demonstrated the transformative potential of this technology. By implementing ARIC Risk Hub, Eika Gruppen achieved a remarkable 90% reduction in phishing-related losses in 2024 compared to the previous year. This success highlights the platform’s ability to address the growing sophistication of fraud schemes and the increasing volume of digital payments.
Norwegian banks have faced significant challenges in recent years, including a rise in phishing attacks targeting older customers, the complexity of evolving fraud patterns, and the inefficiency of manual fraud reviews. ARIC Risk Hub addresses these issues by learning customer behavior patterns and establishing a baseline of normal activity. This enables the system to detect suspicious transactions in real time with minimal false positives, streamlining operations and reducing the burden on human reviewers.
Jon Hagen, Chief Architect of Eika Gruppen, praised the platform’s adaptability, stating, “The unique AI technology from Featurespace learns and adapts in real time, efficiently profiling users’ habitual behavior. As fraud patterns evolve, we can easily update rules and refine the system, thanks to the robust support provided by Featurespace.”
Visa’s Commitment to Innovation
Antony Cahill, President of Value-Added Services at Visa, emphasized the importance of integrating cutting-edge technology to enhance payment security. “Accepting payments efficiently and securely is essential for any business. By leveraging new technologies, we help businesses simplify payment experiences and combat fraud more effectively than ever,” he said.
Tareq Muhmood, Head of Value-Added Services for Europe at Visa, highlighted the company’s long-standing commitment to using AI in fraud prevention. “For over 30 years, we’ve been using artificial intelligence to fight fraud. Now, with the integration of behavioral data and ARIC’s advanced technology, we’re taking our efforts to the next level to help our clients counter emerging threats.”
A Global Solution for Safer Transactions
The ARIC Risk Hub, now available globally, offers businesses a powerful tool to protect their customers and reduce financial losses. Tim Vanderham, Chief Operating Officer of Featurespace, reflected on the company’s mission, which began at the University of Cambridge 15 years ago. “Our goal is to make the world a safer place for transactions. By combining our advanced fraud prevention technology with Visa’s global reach, we’re excited about the impact we can achieve for our clients.”
As the digital payments landscape continues to evolve, Visa’s investment in AI-driven solutions like ARIC Risk Hub underscores its commitment to staying ahead of fraudsters. By providing businesses and financial institutions with innovative tools, Visa is not only enhancing payment security but also fostering trust in the rapidly growing digital economy.
