SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMCNet:  Visa introduces new solution to reduce risk of eCommerce fraud

[December 06, 2012]

Visa introduces new solution to reduce risk of eCommerce fraud

Dec 06, 2012 (Datamonitor via COMTEX) -- Visa Inc., a global payments technology company, has introduced Visa Consumer Authentication Service, a new solution in its information products line up to help issuers reduce the risk of eCommerce fraud using risk-based transaction analysis.

Visa Consumer Authentication Service is designed to seamlessly support an issuer's Three Domain Secure, or 3-D Secure, program such as Verified by Visa and is available in all Visa Inc. markets, the company said.

Visa Consumer Authentication Service authenticates the consumer prior to the authorization process, adding a layer of protection against fraud. As the consumer begins the online checkout process, the solution performs 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 eCommerce 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, the company added.

Silvio Tavares, head of global information products for Visa Inc, said: "Cyber Monday is the day when consumers traditionally begin searching the Internet for holiday gifts and sales. Coinciding with this busy online shopping period, Visa is launching Visa Consumer Authentication Service, providing an extra layer of protection to online transactions.

"This solution is another example of how we use Visa's network intelligence to create tangible value for merchants and our financial institution clients. Because the solution only prompts consumers for verification of the riskiest transactions, most consumers will have a streamlined authentication process when using Verified by Visa." According to the company, Visa Consumer Authentication Service is a hosted access control server that provides issuers with the following capabilities: Risk-based authentication- Visa Consumer Authentication Service's risk-scoring model takes into account enhanced inputs, including critical information about the device, transaction information and spending profiles. This data will enhance issuers' decision-making ability to identify potential fraud and prompt for verification only when necessary; Methods of authentication- this service supports a range of account holder authentication methods. This means higher-risk transactions may be verified by the issuer in a variety of ways including more secure, dynamic methods such as one-time passwords or hardware tokens.

Some other capabilities include: Support for mobile- this service can be integrated to function through a range of devices including mobile phones and tablets, to ensure consumers have a secure, efficient and reliable payment experience when shopping through another channel beyond the PC; Rules for strategy refinement- it provides issuers with the tools to write additional rules to further refine risk decisioning capabilities, the company concluded.

http://www.datamonitor.com Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon

[ Back To dark-fiber.tmcnet.com's Homepage ]





Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved.