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It’s a sobering part of the daily payments arena—fraud is unending and always evolving. That’s why payments and anti-fraud companies continue to create new services in an effort to keep up with the latest scams. Visa on Monday said it would make managed detection and response services from Expel Inc. available to its clients. And McAfee Corp., best known for its antivirus software, added artificial-intelligence capabilities that could help improve detection of phishing attempts.
Herndon, Va.-Expel provides a software-based approach to detecting potential cyber vulnerabilities and a way to manage the response to them. Visa set up a referral program for clients with Expel.
It’s hoped clients working with Expel will be able to move from a reactive security posture to a proactive one that relies on risk-based decision making and that they’ll have improved threat-detection and response measures, among other aspects.
“As customers deal with an ever-expanding range of threats, they’re asking Visa for solutions to help them better manage their risk holistically, including cyber risk. The partnership with Expel will allow us to provide a more holistic security offering to new and existing clients across the network,” James Mirfin, Visa global head of risk and identity solutions, says in a statement.
In related news, more from the consumer perspective, San Jose, Calif.-based McAfee says its incorporation of AI in McAfee+, a new online protection and privacy product, will make scanning quicker and more efficient and address the rise of AI-generated phishing scams. It will detect suspicious URLs in texts before they’re opened or clicked on, the security-technology firm says. If a suspicious URL is clicked or opened, the feature can block the site from loading to halt the phishing scam.
Other new features include transaction monitoring and bank-account takeover monitoring. In a recent study, account takeovers increased 90% in dollar losses in 2021, says Javelin Strategy & Research, a Pleasanton, Calif.-based financial services advisory firm.
