An article summarized by Quartz:

Visa has agreed to acquire AI-powered fraud detection company BioCatch for $2.4 billion in cash, expanding its cybersecurity and fraud prevention capabilities. BioCatch uses behavioral biometrics, such as how people type, swipe, and hold their devices, to detect fraud in real time, serving more than 350 banks across 21 countries and protecting 760 million users.

Visa says the acquisition comes as AI is making financial scams more sophisticated and costly, with account takeovers and fraud estimated to cost the global economy more than $1 trillion annually. The company believes BioCatch's technology will help banks identify and stop fraudulent activity before payments are completed, strengthening Visa's existing suite of security products.

The deal, which is expected to close by the second quarter of Visa's fiscal 2027 pending regulatory approval, follows a broader push by major payment networks to expand fraud prevention through acquisitions. It also comes as Visa restructures its workforce, cutting about 2,600 jobs while increasing investment in AI and value-added services.

For the article: https://qz.com/visa-biocatch-acquisition-fraud-detection-080326