Visa has announced the introduction of an innovative suite of security capabilities to help prevent and disrupt payment fraud at the Visa CEMEA Security Summit 2019 in Barcelona, Spain. The forum brought together payment industry experts from risk, business and operational departments of financial institutions, merchants, processors and other payment service providers.
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. 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.
According to a global report by Forrester Consulting commissioned by Visa, ATM cash out 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 unauthorized 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 ecommerce, phone and mail orders was found to be less frequent but caused more damage to businesses—representing nearly 40% of fraud losses and operational costs. According to Visa, managing payment fraud holistically is imperative to meet these challenges.
Hector Rodriguez, Regional Risk Officer, CEMEA, Visa, had this to say, “Cybercriminals attempt to bypass traditional defenses by stealing credentials, harvesting data, obtaining privileged access, and attacking trusted third-party supply chains. Visa’s new payment security capabilities combine payment and cyber intelligence, insights and learnings from breach investigations, and law enforcement engagement to help financial institutions and merchants solve the most critical security challenges.”