Last Updated on April 20, 2020

VISA Upgrades Security to Avert Fraud

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VISA financial service corporation and makers of the VISA branded credit card has unveiled a suite of innovative security capabilities. The new security capabilities are to help prevent and disrupt payment fraud. This innovation is a ground-breaking achievement in cybersecurity Fraud prevention across Central & Eastern Europe, the Middle East and Africa (CEMEA).

The innovative solutions were unveiled at the CEMEA Security Summit 2019 event held in Barcelona Spain.

The VISA CEMEA security is a forum that brings experts across risk, business and operational department of financial institutions together.

The new payment security system will help protect the integrity of the payments ecosystem by detecting. Disrupting fraud threats targeting financial institutions and merchants. The new capabilities are available to VISA clients at no additional cost. Sign-up through VISA’s continues to 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.

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The VISA CEMEA regional risk officer, Hector Rodriguez said: “Cybercriminals attempt to bypass traditional defences by stealing credentials, harvesting data, obtaining privileged access, and attacking trusted third-party supply chains.  With its new payment security capabilities combine payment and cyber intelligence, insights, and learnings from breach investigations”.

The most prevalent account-related fraud is the removal of fraud controls to withdraw money from cash machines fraudulently. Automated testing of values and credentials to gain unauthorised access to information. Pay with Visa to enjoy great offers across selected merchants.

Card-not-present fraud that includes e-commerce, phone and mail orders happen less frequently. The damage of card-not-present fraud to businesses represents nearly 40 percent of fraud losses and operational costs.

The security upgrades unveiled by VISA proves that the company is dedicated to protecting its customers.

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