Product: Advanced Authorization
Company: Visa U.S.A.

Financial fraud is arguably the most debated topic in the banking and payments industries. How to respond to consumers with compromised information; the necessity of governmental regulation; and simply how to keep personal information safe and secure are all questions demanding answers.

Expanding on some of their industry-leading security procedures, Visa U.S.A. recently announced the introduction of a patent-pending antifraud technology. Advanced Authorization, now used on every single Visa credit and debit purchase, was implemented to prevent an estimated $164 million in fraud losses. Advanced Authorization works in real time to detect fraudulent activity. It scans and instantaneously detects fraud on specific cardholder accounts and throughout the entire Visa network.

As soon as a card is swiped, Advanced Authorization provides an instant report of the transaction's potential for fraud from the cardholder and issuing bank perspectives. Because this all happens in real time, the issuer is able to send back an immediate authorization or decline of the transaction.

Visa said that several card issuers tested the technology rigorously and were all pleased with the added level of security it provides. It allows financial institutions to concentrate their efforts on preventing riskier and more elaborate fraud schemes rather than inspecting individual transactions.

Advanced Authorization uses Visa's state-of-the-art neural networks which have been used successfully to monitor fraud and detect unusual spending patterns in individual cardholder accounts.

Visa U.S.A.
www.usa.visa.com