Visa enhances security capabilities to disrupt payment fraud

Visa enhances security capabilities to disrupt payment fraud
Andrew Torre, regional president for the CEMEA region, presents on how security drives growth Image Credit: Supplied

Visa, the world’s largest payment processor, has unveiled a suite of security capabilities that will help prevent and disrupt payment fraud, breaking new ground in cybersecurity and fraud prevention across Central & Eastern Europe, Middle East and Africa (CEMEA).

Fighting fraud

According to a global report by Forrester Consulting commissioned by Visa, ATM cashout attacks that exploit vulnerabilities among financial institutions and processors to remove fraud controls to withdraw money from cash machines fraudulently, and automated testing of values and credentials to gain unauthorised access to information and functionality called “enumeration attacks” were among the most prevalent account-related fraud types identified by respondents.

At the same time, card-not-present fraud that includes e-commerce, phone and mail orders was found to be less frequent but caused more damage to businesses — representing nearly 40 per cent of fraud losses and operational costs. Managing payment fraud holistically is imperative to meet these challenges.

Visa’s new payment security capabilities combine payment and cyber intelligence to help financial institutions and merchants solve the most critical security challenges

- Hector Rodriguez, Regional Risk Officer, CEMEA, Visa

Launched at the Visa CEMEA Security Summit 2019 in Barcelona, the new payment security services and capabilities help protect the integrity of the payments ecosystem by detecting and disrupting fraud threats targeting financial institutions and merchants.

No additional cost

The new capabilities are available to Visa clients at no additional cost or sign-up, but through Visa’s continued investments in intelligence and technology. These add to the long list of benefits financial institution and merchant clients enjoy as participants in the Visa global payment network.

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