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New Visa Card Authorization Reduces Credit Card Fraud
Visa Credit Card Fraud Prevention: Visa's new product called Visa Risk Manager (VRM) addresses fraud losses and help issuers approve a greater number of legitimate credit card and debit card transactions.
"An issuer must be able to constantly fine-tune its authorization and risk management strategies to help it keep pace with rapidly changing fraud patterns," said Nancy Hilgers, risk and back-office products, Visa Inc. "An investment in Visa Risk Manager is designed to make a tangible bottom-line impact by helping financial institutions reduce fraud, increase revenue and improve the point-of-sale experience," she added.
With Visa Risk Manager, issuers benefit from Visa's unique centralized processing architecture and ability to analyze transaction information in real-time. Issuers are empowered to take action before, during or after a transaction is completed based on intelligence and transaction information provided by Visa Risk Manager enables issuers to test different authorization strategies against 13 weeks of historical data to find an approach that will minimize the most fraud and improve the customer experience by allowing more approved transactions. After determining its custom authorization strategy, an issuer can use VRM to quickly publish the new authorization rules for all or a subset of its card portfolios and monitor their performance. Issuers of all sizes can bring advanced fraud-fighting technology in-house with Visa Risk Manager and better control a critical risk management function.
Visa Risk Manager is a subscription-based product available to U.S and Canadian issuers as well as issuers in some Latin American countries. The product is comprised of the following three services:
- Visa Rules Manager: The Visa Rules Manager is a web application that allows issuers to create, test and publish customized decisioning rules using risk information from multiple sources. The tool also allows issuers to monitor the effectiveness of the rules and quickly execute modifications based on emerging fraud trends.
- Visa Real Time Decisioning: This gives financial institutions the capability to allow Visa to act on their behalf to decline or forward to the issuer for action, high-fraud-risk transactions using predefined rules created by the issuer. This real-time service addresses potential fraud as it flows through Visa so it never reaches the issuer.
- Visa Case Manager: After transactions have gone through the issuer's normal authorization process, the Visa Case Manager web application enables issuers to view, prioritize, and manage transactions that require further investigation.
Issuers may choose one or all of the components that best suit their needs. Visa Risk Manager can be used to either supplement an issuer's existing fraud risk management products or provide a comprehensive, end-to-end solution.
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