Your bank is more secure than ever

Tuesday, 28 August 2012 18:30 administrator
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Real Time Anti-Fraud Systems are set to greatly improve fraud detection at banks in India.

 

Mumbai. In a big step for the Indian banking industry, Visa Inc. has introduced advanced fraud prevention technologies to secure India’s banks and provide greater protection for Visa cardholders. The new smarter, self-learning solutions, Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM), offer financial institutions new levels of real time protection and responses across Visa’s entire global network. VAA and VRM has the ability to pinpoint and address coordinated attacks on multiple accounts in real time.

Uttam Nayak, Group Country Manager – India & South Asia, Visa said “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.”

VAA "scores" card transactions against their fraud potential based on the global activity and trends across the entire Visa network. The vast number of transactions passing across the network enables VAA to provide issuers with a risk score with unprecedented accuracy in real time. The new system thus 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. It's even self-learning.