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SECURE PAYMENTS OF THE FUTURE : THE RISE OF DIGITAL TWINS
Technological innovation is revolutionizing the world of payments, both in person and online. In response to threats of deepfakes and advanced phishing, such as that generated by WormGPT," tokens," AI algorithms and other increasingly advanced technologies are being used.
Currently, transactions take place through payment cards and digital wallets, but the future holds a major change. As AI and digital environments develop, our personal digital assistants will be in charge of transactions, interacting with other assistants to make payments.
This "Digital Twin" concept is one of the directions in which payments are evolving, as explained by Natalie Kelly, Visa’s Chief Risk Officer in Europe. Trust remains a key word in this new landscape.
Visa, a leader in digital payments, stresses the importance of trust in a complex system that must ensure security and ease of use. Digital transactions require new behaviors as they involve many actors, some of them emerging.
Visa has implemented several innovations to ensure the security of transactions, such as tokenization. This technology, which replaces card numbers with cryptographic tokens, has generated significant additional revenue for global e-commerce and significantly reduced fraud.
Each card transaction is evaluated based on 500 attributes analyzed within milleseconds, providing advanced protection. Nevertheless, fraud is still possible, especially through phishing and other deceptive techniques that exploit the weak link in the chain : the human being. In the dark web, fraud techniques have evolved considerably, also using GenAI to create more sophisticated and credible scams.
Visa has invested enormous resources in AI to combat fraud, developing systems that can identify fraudulent behavior in real time. Banks are now requiring Visa to apply these solutions to instant payments as well, further improving transaction security.
The future of payments will be driven by our digital twins, which promise to make transactions more secure and efficient, while keeping user trust at the center at all times.