Visa Rolls Out a New Set of Security Tools towards Payment Fraud
September 24, 2019
Visa Inc. is offering a new set of security products to come to the rescue of payment providers, ecommerce retailers, and shoppers who’ve been looking for ways to recover from the never-ending cyber attacks.
Visa’s new suite is looking to help industry players combat payment fraud and build stronger disruptive defenses against cybercriminals.
Here’s Visa Inc.’s new list of new security tools and how they will prevent against payment fraud:
- Vital Signs: This solution will check for signs of fraud in ATMs and notify banks. It will also alert retailers of possible ATM cash-out breaches.
- Payments Threat Lab: It is a testing lab where banks can test payment processing, configuration, and business logic to spot mistakes that could leave loopholes.
- Account Attack Intelligence: This security system uses machine learning to safeguard against deceitful CNP transactions.
- E-Commerce Threat Disruption: This solution will scan the front-end of business websites to detect malware that spies on payment-related data. Visa’s scanning process may help websites spot possible threats and reduce the lifetime of malware on a website, thus minimizing the exposure of confidential client and payment information.
Visa’s collection of security features comes at a time when digital payments are more popular than paying-through-cash all over the globe and cybercriminals are launching operations to target payment providers and online merchants in a bid to have access to confidential payment information.
A Disruptive approach towards Payment Fraud
According to David Capezza, Visa’s head of Payment Fraud Disruption, these new functionalities hope to “flip the script on cybercriminals.” That is to say; this new approach is different than other strategies where businesses fought from a defensive position.
“These new layers of security focus on disrupting fraud. It will give merchants and banking institutions an edge over their criminals by allowing them to stop fraud before it occurs,” says Capezza.
According to Visa’s executive, the fact that payment providers and retailers can stop fraud from happening before it bothers their customers is an advantage.
“With the ability to disrupt fraud –at the retailer or payment provider level— before it occurs, customers will relax knowing that someone else is ensuring total security.”
Visa also announced that these newly rolled-out services are accessible to all Visa clients free-of-charge.
Hopefully, this disruptive approach will slow fraudsters down and give payment providers and merchants more time to prevent cyber attacks.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker. He’s just as passionate about advising merchants on chargeback prevention as he is with traveling and spending time with his dog Cooper.