Visa Increases AI Fight Against Fraud With Featurespace Purchase

Visa Inc. will acquire real-time artificial intelligence payments protection firm Featurespace Ltd. — marking the credit-card giant’s latest move in bolstering its fraud and financial crime risk detection portfolio.

Terms weren’t disclosed. Founded in 2008, and headquartered in Cambridge, UK, the private company develops algorithmic-based software to analyze transaction data and detect fraud. In addition to Visa, Featurespaces’ clients include HSBC, TSYS and NatWest Group.

The demand for companies like Featurespace has surged due to the rise in more sophisticated financial scams, many of which are powered by generative-AI. In the second quarter of 2024, there were 284,000 reported cases ...