Visa Real-Time Fraud Detection
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Visa USA has started rolling out new anti-credit card fraud technology. Advance Authorisation, it hopes will prevent $164m in fraud losses over 5 years. The new system is designed to detect fraud in real-time at the checkout and across its network. Attacks on multiple accounts can also be detected, As each individual transaction is swiped Visa generates an instantaneous rating of the potential for fraud to the financial institution responsible for the card. The card issuer then messages the merchant indicating if the transaction should be accepted or rejected. Fighting fraud and protecting cardholders has always been a high priority for Visa, said Jean Bruesewitz, senior vice president, Processing and Emerging Products, Visa USA. "Visa is continually investing in the most sophisticated fraud-fighting systems to stay one step ahead of the criminals. Advanced Authorization adds another layer of security and ensures ever increased cardholder confidence with each Visa payment card purchase."
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