Visa Unveils New Security Services to Prevent Payment Fraud
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.
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.