Thu Sep 26 14:03:58 UTC 2024: ## Visa Acquires Featurespace for $925 Million to Bolster Anti-Fraud Efforts
**San Francisco, CA – September 26, 2023** – Visa, the global payments giant, announced today that it is acquiring Featurespace, a leading payments protection technology firm, for a reported $925 million. The acquisition is expected to close during fiscal year 2025.
Featurespace, which emerged from Cambridge University’s engineering department, specializes in innovative AI-powered solutions designed to detect and prevent fraud. By analyzing transaction data, their technology can identify even the most sophisticated fraudulent activities.
“This acquisition strengthens our commitment to providing our clients with solutions that can adapt to the ever-evolving threat landscape,” said Antony Cahill, Visa’s head of value-added services. “Featurespace’s expertise in AI will enhance our existing product portfolio and enable us to combat the most complex fraud challenges.”
The move comes amidst a growing concern about the increasing sophistication of fraudsters. With the rise of “scam dens” and AI-powered scams, fraudulent activities have become increasingly difficult to detect and prevent.
“The billions of dollars lost to scams globally dwarf the revenues of some of the largest businesses,” said Tim Vanderham, Featurespace’s Chief Operating Officer. “Fraudsters are using AI to build trust with victims, preying on human emotions and draining bank accounts with alarming speed.”
Visa’s acquisition of Featurespace is a strategic move to counter this rising threat. By combining their expertise, the two companies aim to provide real-time fraud management and protection for businesses and individuals.
This deal marks Visa’s continued commitment to investing in cutting-edge technology to combat fraud and ensure the safety and security of the global payments ecosystem.
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