Visa releases new security tools to combat payment fraud

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Visa releases new security tools to combat payment fraud

23rd August 2019 banking business intelligence data management digital payments financial data financial market financial system 0

Visa has released a suite of security capabilities which will help prevent and disrupt payment fraud.

The new payment security services protect the integrity of the payments ecosystem by detecting and disrupting fraud threats targeting financial institutions and merchants. Its services are available to Visa clients at no extra cost or signup.

A study commission by Visa found that ATM cashout attacks which enable a criminal to freely withdraw funds from a machine, and automated testing of values and credentials to access information fraudulently, known as enumeration attacks, are among the most prevalent attacks.

Additionally, the research found that while card-not-present fraud was less frequent, it inflicted more damage to businesses.

The new security capabilities include the Visa Vital Signs service which monitors transactions and alerts financial institutions of potentially fraudulent activity at ATMs and merchants. To minimise issues, Visa automatically or in coordination work with clients to suspend malicious activity.

Another service is Visa Account Attack Intelligence which leverages deep learning to Visa’s processed card-not-present transactions to detect financial institutions and merchants that hackers might be using to guess account numbers, expiration dates and security codes through automated testing. Its machine learning technology identifies enumeration patterns, eliminate false positives, and alerts affected parties.

Through its Visa Payment Threats Lab, clients can access a safe environment to test processing, business logic, and configuration settings to uncover errors which could pose potential vulnerabilities.

Finally, the Visa eCommerce Threat Disruption service proactively scans the front-end of eCommerce websites for payment data skimming malware.

Visa senior vice president RL Prasad said, “Cybercriminals attempt to bypass traditional defences 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.”

All  credits to the source below:

http://member.regtechanalyst.com/visa-releases-new-security-tools-to-combat-payment-fraud/

 

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