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Visa beefs up fraud detection technology
- — 14 January, 2011 01:21
Visa is targeting better fraud detection, through investments in modelling software.
The credit card payments firm said it was detecting over twice as much fraud on the riskiest transactions using the new systems. It can also detect more than three times the amount of fraudulent cross-border fraud than was previously identified.
Visa has upgraded its global processing platform, called VisaNet, developing new fraud models that enhance the speed and accuracy with which Visa detects attempted payment card fraud.
The improvements in fraud identification were the result of enhancements to the underlying processing platform, called Advanced Authorisation, on which Visa's security system sits. That system analyses and scores every transaction for fraud potential. The processing platform can handle up to 20,000 transactions per second.
Risk scores are based on a view of fraud and spending patterns across the company's network. Visa said in a statement that it can now detect and prevent fraud in "near real-time", including identifying "high speed fraud", whereby criminals attempt multiple transactions within seconds or minutes.
Visa also implemented a new operating system earlier this year, allowing more information to be analysed per second, and performing more complex processing functions. The company said that using the system it has a "comprehensive view" into global payments, aiding with spending pattern intelligence.