Visa Confirms Acquisition of AI Technology Firm Featurespace to Enhance Fraud Protection

Visa has confirmed its plan to acquire Featurespace with the aim of improving its fraud protection capabilities and enhancing customer security.

Featurespace is a company focused on payment protection artificial intelligence technology. Following the acquisition, Visa will integrate the company's fraud detection and risk-scoring capabilities, adding to its existing portfolio of fraud protection solutions.

Founded in the U.K. in 2008, Featurespace protects 500 million customers worldwide and processes more than $100 billion in payments annually. Over 100,000 businesses, including HSBC, Nationwide Westminster and Worldpay, have received technical support from the company.

Over the next month, Featurespace's products will become part of Visa's Risk and Identity Solutions, which utilize the knowledge, methodologies and tools of both companies to strengthen the security of the global payment system and provide enhanced fraud protection for businesses and consumers.

For Visa users, more sophisticated fraud attack protection will be applied while maintaining a seamless user experience.

Antony Cahill, president of Visa Value Added Services, said, “We are thrilled to welcome Featurespace to Visa. Both our companies have been at the forefront of using AI to solve longstanding challenges and pain points in the payments industry. Together, we will offer a valuable combination of cutting-edge technology and industry expertise to help our clients continue to grow amidst an increasingly complex threat landscape.”

Dave Excell, founder of Featurespace, added, “We developed our innovations to help crack even the most complex fraud cases. As part of Visa, we will be able to set a new standard in AI-powered fraud prevention and integrate our solutions into a series of products and services that will help make the world a safer place to transact.”