Credit Card eZine - News and Articles about Credit Cards

Installation of new security features helps catch more fraud says visa

2011-01-20

Visa has introduced new security features and it has claimed that it has helped to deter fraudulent activities since its installation. Scrutinizing bits of information within a few seconds and denying a sale - all of this happens within a few seconds as the new software looks for many more signs of fraudulent practices. The time the transaction is made, the speed of the transaction, the gap between the transactions as well as the type of store is analyzed using this new software.

The earlier versions were not capable of analyzing and scrutinizing data on such a large scale and would sometimes be limited to just two elements at a time. Hence criminals managed to slip through quite easily. But that will not be the case now with the new software that has been installed since September. It is capable of combining dozens of different variables. This increased ability will help detect the fraud before purchases are approved.

Detection of cross-border fraud will also become much easier. Criminals could use the cards issued in US and use it at stores in different countries or they could trick banks in other countries and pretend to be having legitimate businesses and try to dig out money by doing fake transactions.

Hackers indulged in high-speed fraud by breaking into payment processors and networks and tested stolen cards in quick succession to ensure that they work but used it for smaller transactions. Such things can now be identified easily.