Reducing e-commerce fraud
A new solution called Visa Consumer Authentication Service has been launched by Visa Inc. to help issuers reduce the risk of eCommerce fraud using real-time, risk-based transaction analysis (view press release). The new solution aims to support an issuer’s Three Domain Secure (3-D Secure) programme such as Verified by Visa and is available in all Visa Inc. markets immediately.
Visa Consumer Authentication Service works by authenticating the consumer prior to the authorisation process and as the consumer begins the online checkout process, the solution performs a real-time risk assessment of the transaction based on numerous inputs including device and transaction information and historical spending patterns. That allows issuers to complete lower-risk eCommerce transactions without requiring them to go through the extra step of entering their passwords or other verification.
“This solution is another example of how we use Visa’s network intelligence to create tangible value for merchants and our financial institution clients. Because the solution only prompts consumers for verification of the riskiest transactions, most consumers will have a streamlined authentication process when using Verified by Visa,” said Silvio Tavares, head of global information products for Visa Inc.
The new Visa service is a hosted access control server that provides issuers with sophisticated risk-based authentication; dynamic methods of authentication; support for mobile and the ability to further refine risk decisioning capabilities.
Whitepapers
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