Visa Europe has developed Visa Device Profiling, a fraud
management service aimed at targeting suspicious cross-border ATM
transactions.
Visa claims there has been a marked increase
in losses from cross-border counterfeit transactions, with ATM
losses accounting for around 20% of the total, as fraudsters turn
their attention to those countries slower to adopt EMV.
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Visa Device Profiling aims to draw upon Visa
Europe’s global transaction data to identify the locations where
suspicious card usage activity and ATM fraud are most likely to be
taking place.
“Cross-border ATM fraud has become a
significant problem for European banks,” said Kevin Smith, senior
vice-president for fraud management at Visa Europe.
“Designed by our fraud management experts, the
Visa Device Profiling service provides a fast, accurate and
cost-effective way for banks to manage this fraud risk. By keeping
a watchful eye on suspicious cross-border ATM transaction
activities, Visa can help banks reduce fraud losses and minimise
the number of inappropriately declined transactions.”
Implementing Visa Device Profiling allows
individual banks to compare their fraud profile with country and
regional benchmarks and upgrade those ATMs which are particularly
prone to attacks to mitigate the cost of subsequent fraud.
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