Visa unveils its new online fraud detection tool to combat e-commerce fraud
Visa Inc., in its statement, announced its new solution namely Visa Consumer Authentication Service, to help card issuers reduce the risk of e-commerce fraud using real-time, risk-based transaction analysis. This powerful online fraud detection tool is designed to seamlessly support Three Domain Secure (3-D Secure) program such as Verified by Visa and is available in all Visa markets immediately, Visa said.
The new solution authenticates the consumer prior to the authorization process, adding a powerful layer of protection against fraud. As the consumer begins the online checkout process, the solution performs a real-time risk assessment of the transaction based on numerous inputs including device and transaction information and historical spending patterns. The result is that issuers can complete lower-risk e-commerce transactions without requiring consumers to go through the extra step of entering their passwords or other verification. The solution minimizes disruption and abandonment at the point of purchase, while also helping issuers and merchants reduce fraud losses.
by Terry Brown
