Ms. Dang Tuyet Dung, Director of Visa Vietnam and Laos, said that in response to the current increase in digital payment fraud and fraud in the financial sector, Visa’s security is built on the AI and big platform. data, scoring based on big data platform for early warnings.
Visa has invested more than 10 billion USD in AI-based solutions to prevent fraud as well as for activities to raise awareness and connect relevant units. At the same time, this organization also invests in a system of cybersecurity fusion centers in 3 continents.
Recently, Visa also announced new products and services that will be deployed by the end of 2024 throughout the Asia-Pacific region. That is Token code data – transaction encryption, removing the cardholder’s private information from the payment flow. With this technology, banks and partners can apply data-based transaction authentication instead of OTP codes for e-commerce transactions.
Faced with increasingly complex forms of fraud, Mr. Thai Tri Hung, Senior Deputy General Director and Chief Technology Officer of MoMo, said that businesses will need to take many specific actions, the first of which is and most importantly, a radical change in prevention thinking, not only focusing on protecting businesses but also focusing on protecting their users.
In particular, MoMo will deploy multi-layer defense measures, invest in technology solutions, use AI, establish policies, and raise awareness.
According to Mr. Hung, in the case of users installing malicious software, in addition to normal measures such as adding data encryption, the team of security engineers at the company has performed malware analysis, Extract identifying features and warn users if signs of attack are detected.
After detecting unusual signs, the security team tries to distinguish between signs caused by hackers or due to user characteristics to ensure bad behavior is blocked without mistakenly catching real users.
In the case of users providing OTP and password when bad guys use “social engineering” or “phishing” to take advantage of people’s greed for winning prizes, MoMo applies AI to Analyze the behavior of fraudsters, analyze the flow of money.
“Based on big data technology and AI, we initially distinguished unusual transactions based on transaction speed, transaction behavior, or transaction cash flow, thereby building warning systems. early warning and prevention,” Mr. Hung said.
In cases where users themselves perform the act of linking and paying due to falling into a scam trap, in addition to applying AI and cash flow analysis, the company also develops its own automatic scanning system in cyberspace, Find groups that are sharing attack methods and false advertisements to deceive users, and make efforts to prevent these forms of attacks from the beginning.
Mr. Thai Tri Hung shared, MoMo invests in a lot of new technologies from budget to people, while there are more than 200 people in the Data and AI team, with 2 independent safety and security groups, along with with that are social network monitoring groups.