Visa Inc has updated its global processing
platform, VisaNet, which has quickened the speed in which it can
detect attempted payment card fraud.
Following an analysis of past global
transactions it is believed that such enhancements could lead to
the identification of $1.5bn in fraud, which would represent a 29%
increase on figures recorded in 2009.
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Visa claims fraud detection on the ‘riskiest
transactions’ has improved by 122% over the previous model. This
improvement is the result of a new operating system implemented at
the start of this year to the processing platform that powers
Visa’s Advanced Authorisation – software that analyses and scores
Visa transactions based on its fraud potential.
The new operating system is expected to allow
more information to be analysed at once and performs more complex
processing functions in milliseconds.
According to Jim McCarthy, global product
executive at Visa Inc, fraud rates within Visa systems have fallen
to historic low levels and “remain flat”.
“Visa’s continuous investments in the most
sophisticated fraud-fighting systems have helped us to stay a step
ahead of the criminals,” said McCarthy.
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By GlobalData“Now, these enhancements to our system will
enable us to work with issuing financial institutions to deliver on
that promise with more speed and reliability than ever before. So
cardholders are more secure and merchants see improved throughput –
legitimate purchases approved and fraudulent ones declined.”
