Visa Antifraud Efforts a Boon for Pay-at-the-Pump Gas Stations
Oct. 7, 2013
Visa recently announced it has enhanced its Visa Advanced Authorization risk-management tool to better root out fraud, especially for gas stations that accept card payments at the pump. The enhancements will affect fraud prevention in all transactions across its network by adding more transactional history data and analysis to the account profiles that are a major part of the risk scores provided to issuers during authorization. San Francisco-based Visa said the enhancements include “additional risk indicators specific to Automated Fuel Dispensers transactions” that can increase the effectiveness of fraud detection in the segment by up to 266 percent for debit transactions and 163 percent for credit.
“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, for Visa Inc. “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.”