Visa made an announcement with regard to its improved security features that will help dramatically by improving its ability to prevent as well as detect fraud plus prevent the electronics payment fraud, globally. VisaNet, the global processing platform, has allowed Visa to develop this new fraud model, which would increase the speed as well as accuracy in detecting an attempted fraud. The enhancements in fraud detection by Visa would help in identifying the $1.5 billion global fraud annually. Visa network has improved security features that will help in detecting emerging fraud trends, help in better fraud modeling etc. The detection rates of the riskiest transactions would go up to 122% over the earlier model.
The enhancements to the processing platforms that power Visa`s Advanced Authorization (a leading security technology) that analyzes each and every transaction and scores it for its fraud potential, has helped in the increase in fraud detection. More information will be analyzed instantly with the help of the new operating system as it performs very complex processing within milliseconds. The global payment systems can be viewed by Visa in a more comprehensive manner. The high levels of spending patterns and intelligence gathered will help in improving the company`s fraud detection and act quickly in preventing fraud.
Due to the advanced security systems Visa as well as other financial institutions will be able to detect various types of fraud as they emerge and enable issuers to isolate fraudulent transactions from the real ones.
The use of plastic currency and digital technology has benefited merchants, customers, and the economy as a whole all over the world. However, the faith in these systems must be reinforced by updating the security features so the customer feels safe and secure with their transactions. Hence, Visa has continued to make extra efforts by taking the necessary steps to enhance security and see that it is the best in the world. With these features in place they will be able to keep their promise and deliver with more speed and accuracy than ever before.
The Visa Advanced Authorization risk scores are based entirely on the patterns of spending on the Visa network. Since Visa has such a huge network globally Visa is uniquely capable of identifying fraud on individual accounts as well as planned attacks on multiple accounts thus enabling the issuer to stop the fraud at checkout.