Visa Unveils New Security Services to Prevent Payment Fraud

Visa Unveils New Security Services to Prevent Payment Fraud

August 21, 2019         Written By John H. Oldshue

Visa just unveiled a new suite of security services designed to detect and prevent payment fraud. The company discussed these services during the Visa U.S. Security Summit 2019 in San Francisco.

According to RL Prasad, Visa’s senior vice president of Payment System Risk, the company used information from breach investigations, law enforcement efforts and cyber intelligence to create enhanced security protocols for merchants, financial institutions and payment processors. These security features come at no additional cost.

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One of the new security services is Visa Vital Signs, which identifies signs of fraud at ATMs. Visa also has a Payment Threats Lab, which merchants can use to test their payment processing for vulnerabilities.

Earlier this month, Visa celebrated 25 years of ecommerce payments. Visa processed the first ecommerce payment on August 11, 1994. In the updated security suite, Visa has a program to scan ecommerce websites for data skimming malware. This reduces the likelihood of data breaches that target payment information.

Perhaps the most valuable security enhancement is the Account Attack Intelligence. This notifies merchants and financial institutions about card-not-present (CNP) fraud. Hackers often use automatic generators to guess account numbers, security codes and expiration dates for cards, even if they do not have a physical card to reference. Visa can detect this automated testing and alert financial institutions before the fraudulent transactions occur.

Shortly after America adopted EMV chips in payment cards, there was a sharp spike in card-not-present fraud. This is partly because chip cards are hard to replicate, but an increase in online shopping has also played a role in CNP fraud. Visa’s efforts may help reduce the number of unauthorized online transactions in America.

The information contained within this article was accurate as of August 21, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.