Coinciding with the American Cyber Monday, VISA Inc. announced that it will launch a new system that will reduce the risk of fraud in e-Commerce using transaction analysis in real time.
This service is known as the Visa Consumer Authentication Service and according to the company it is the perfect solution to support secure transactions. This service manages to authenticate the consumer before the manual authorization process occurs, adding another barrier of protection against fraud in online purchases.
What is the new VISA system?
This service, which launched its beta version in 2011 and which has been officially launched this year, stores customer information as its billing account number. The technology will accumulate the information with VISA so that afterwards only the user ID and password have to be included. In this way the card connects when making the payment with a network that protects even more online purchases.
When the consumer begins with the online verification process, this sophisticated system performs a real-time evaluation of the risk of said transaction, allowing or not advancing with the process. This evaluation is based on checking different variables such as the history of transactions, purchases and expenses of the buyer to check whether the transaction that is being attempted at that moment is within the possible variables for that specific person. Likewise, the system has other methods of dynamic authentication, such as passwords of only one use.
This is achieved that it is not necessary for customers to have to verify the operation through passwords that are one of the first reasons for fraud by online purchases.
Finally, VISA wanted to clarify that this system will also be available for mobile devices and that it will provide merchants with tools to create new rules that define risk in purchases.
One more step in the protection of online purchases
According to VISA, the new process will also serve to increase the confidence of buyers and minimize the abandonment of the purchase at this point, so that in addition to reducing fraud, the merchant also reduces losses.
For Silvio Tavares, head of global VISA products, “this solution is another example of how VISA research is used to create extra value for customers and also for merchants who belong to this financial network.”