14 DAY TRIAL // Visa has rolled out a series of enhancements to the company’s Visa Advanced Authorization (VAA) technology in an effort to improve electronic payment fraud detection capabilities. The system can be used by financial organizations to determine, in real time, which transactions should be declined.
The improvements made by Visa to the VAA system include the addition of more transactional history data and neural networks designed to analyze that data. This translates into a 130% improvement in detecting debit transaction fraud, and 175% in detecting credit transaction fraud.
Risk indicators specific to Automated Fuel Dispensers (AFD) transactions have been added to identify suspicious activities at gas stations.
According to the company, the modifications made to VAA will significantly reduce fraud not only in retail stores, but for online shops as well.
“Cardholders, merchants and issuers all want to have confidence in the convenience and the security of every Visa transaction,” said Mark Nelsen, head of risk and authentication products at Visa.
“The great improvements we've made in Advanced Authorization this year were designed to do just that: fight fraud and its costs to financial institutions and merchants, while also ensuring legitimate transactions are handled with the speed and convenience that consumers and merchants want.”