Claims its real-time Anti-Fraud Systems set to revolutionize fraud detection
MUMBAI, INDIA:Visa Inc.has introduced for the 1st time in India advanced fraud prevention technologies to step up security for India's banks and provide greater protection for Visa cardholders. As a press release says, the new smarter, self-learning solutions, Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM), offer financial institutions unprecedented levels of real time protection and responses across Visa's entire global network.
The move, as it further adds, reinforces Visa's leadership in the market and is likely to sit well with the regulatory direction that recently stressed the need for all India's banks to adopt proactive real-time fraud detection, increase consumer protection, and proactively identify and deny fraudulent transactions.
Visa is now fighting back with new technology to detect these emerging threats and help shut them down on the spot. VAA VRM also has the ability to pinpoint and address coordinated attacks on multiple accounts in real time. In the year 2010 Rs. 8,250 crores (or $1.5 billion) global fraud avoidance opportunity was identified by Visa Advanced Authorization. By relying on one of the most advanced electronic payment networks, Indian banks will now have access to a risk management tool that get smarter with every transaction processed.
Uttam Nayak, Group Country Manager - India & South Asia, Visa said "Security remains a foundation of Visa's business and Visa Advanced Authorization and Visa Risk Manager will now provide unparalleled levels of protection for Indian financial institutions and their customers. Visa's unique ability to analyze up to 24,000 transactions per second that cross our global network and then immediately act on that intelligence, is what separates this from other local or international systems. We can literally spot a needle in the haystack."
He added, "As we move deeper into semi-urban and rural areas tools like VAA will be critical in increasing consumer confidence and ultimately in growing electronic payments."
Currently, fraud detection is primarily based on identification, alarm and response. However, it is difficult to identify global fraud schemes if you have limited exposure to them, response times can be too slow to stop the fraud once the alarm has been raised, and being alerted to fraud once it has occurred often sees reactive responses that come too late. The new Visa system, as stated by the company, removes these risks and instead provides a proactive system that can alert early and act immediately - greatly reducing the number of fraud attempts and the number of successful fraud attempts. What's more the new system is self-learning remembering and recalling all new cases and trends.