Visa is in the first phase of launching a new analytics intelligence service that should help gas stations and convenience stores reduce pay-at-the-pump fraud. However, the service, known as Visa Transaction Advisor, could help limit fraud associated with other types of card transactions as well as bridge the security gap until the migration from magnetic-stripe cards to chip-based technology, according to fraud experts. “We think there are a number of additional places where this could work to reduce fraud and to provide risk intelligence,” says Visa’s Mark Nelsen.
The service works by sending cardholder data to Visa when a card is swiped at the gas station. Visa analyzes the data, simultaneously pulling together nearly 500 other pieces of information at the time the card is swiped, to create a risk score in order to determine if it may have been compromised in a breach or reported stolen. Cards that do not surpass the risk threshold set by the merchant are declined, and the cardholder is asked to see the store attendant to complete the transaction. Visa is selling the service to acquirers, so merchants will need to enroll through these institutions.
From “Visa Targets Pay-at-Pump Card Fraud”
BankInfoSecurity.com (08/13/14) Kitten, Tracy
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