Tuesday, January 18, 2011
Visa steps up fraud detection
Visa Inc. upgraded VisaNet, its global processing platform, to improve security and its ability to detect and prevent electronic payment fraud. Visa developed new fraud models that enhance the speed and accuracy with which the company detects attempted card fraud. An analysis suggested the enhancements could identify $1.5 billion in fraud a year, representing a 29 percent performance improvement from 2009.
According to Visa, enhancements to the processing platform that powers Visa Advanced Authorization increased identification of fraud. A new operating system analyzes more information at once and performs more complex processing functions. A new cross-border model increases fraud detection for transactions occurring outside a cardholder's home country. Visa Advanced Authorization is also better able to detect high-speed fraud – when criminals attempt multiple transactions within a short time period, the company reported.
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