Visa beefs up fraud detection technology

Payments processor promises real-time fraud detection

Visa is targeting better fraud detection, through investments in modelling software.

The credit card payments firm said it was detecting over twice as much fraud on the riskiest transactions using the new systems. It can also detect more than three times the amount of fraudulent cross-border fraud than was previously identified.

Visa has upgraded its global processing platform, called VisaNet, developing new fraud models that enhance the speed and accuracy with which Visa detects attempted payment card fraud.

The improvements in fraud identification were the result of enhancements to the underlying processing platform, called Advanced Authorisation, on which Visa's security system sits. That system analyses and scores every transaction for fraud potential. The processing platform can handle up to 20,000 transactions per second.

Risk scores are based on a view of fraud and spending patterns across the company's network. Visa said in a statement that it can now detect and prevent fraud in "near real-time", including identifying "high speed fraud", whereby criminals attempt multiple transactions within seconds or minutes.

Visa also implemented a new operating system earlier this year, allowing more information to be analysed per second, and performing more complex processing functions. The company said that using the system it has a "comprehensive view" into global payments, aiding with spending pattern intelligence.

Join the CSO newsletter!

Error: Please check your email address.

Tags visasecurityIdentity fraud / theftfraud

More about etworkVisa

Show Comments

Featured Whitepapers

Editor's Recommendations

Solution Centres

Stories by Leo King

Latest Videos

  • 150x50

    CSO Webinar: Will your data protection strategy be enough when disaster strikes?

    Speakers: - Paul O’Connor, Engagement leader - Performance Audit Group, Victorian Auditor-General’s Office (VAGO) - Nigel Phair, Managing Director, Centre for Internet Safety - Joshua Stenhouse, Technical Evangelist, Zerto - Anthony Caruana, CSO MC & Moderator

    Play Video

  • 150x50

    CSO Webinar: The Human Factor - Your people are your biggest security weakness

    ​Speakers: David Lacey, Researcher and former CISO Royal Mail David Turner - Global Risk Management Expert Mark Guntrip - Group Manager, Email Protection, Proofpoint

    Play Video

  • 150x50

    CSO Webinar: Current ransomware defences are failing – but machine learning can drive a more proactive solution

    Speakers • Ty Miller, Director, Threat Intelligence • Mark Gregory, Leader, Network Engineering Research Group, RMIT • Jeff Lanza, Retired FBI Agent (USA) • Andy Solterbeck, VP Asia Pacific, Cylance • David Braue, CSO MC/Moderator What to expect: ​Hear from industry experts on the local and global ransomware threat landscape. Explore a new approach to dealing with ransomware using machine-learning techniques and by thinking about the problem in a fundamentally different way. Apply techniques for gathering insight into ransomware behaviour and find out what elements must go into a truly effective ransomware defence. Get a first-hand look at how ransomware actually works in practice, and how machine-learning techniques can pick up on its activities long before your employees do.

    Play Video

  • 150x50

    CSO Webinar: Get real about metadata to avoid a false sense of security

    Speakers: • Anthony Caruana – CSO MC and moderator • Ian Farquhar, Worldwide Virtual Security Team Lead, Gigamon • John Lindsay, Former CTO, iiNet • Skeeve Stevens, Futurist, Future Sumo • David Vaile - Vice chair of APF, Co-Convenor of the Cyberspace Law And Policy Community, UNSW Law Faculty This webinar covers: - A 101 on metadata - what it is and how to use it - Insight into a typical attack, what happens and what we would find when looking into the metadata - How to collect metadata, use this to detect attacks and get greater insight into how you can use this to protect your organisation - Learn how much raw data and metadata to retain and how long for - Get a reality check on how you're using your metadata and if this is enough to secure your organisation

    Play Video

  • 150x50

    CSO Webinar: How banking trojans work and how you can stop them

    CSO Webinar: How banking trojans work and how you can stop them Featuring: • John Baird, Director of Global Technology Production, Deutsche Bank • Samantha Macleod, GM Cyber Security, ME Bank • Sherrod DeGrippo, Director of Emerging Threats, Proofpoint (USA)

    Play Video

More videos

Blog Posts

Market Place