Visa Fraud Down
Visa
Fraud Down
Visa U.S.A. has
announced that fraud on their credit and debit cards is down to a
record low of .08 percent of volume in 1997. This level is
considerably lower than the .19 percent peak in 1992-1993 and 1996's
.11 percent rate. Visa's annual service volume reached $504.9 billion
through September 30, 1997.
Visa credits the decline
to the following anti-fraud programs:
Card activation program:
keeps newly-issued cards inactive until cardholders activate
them.
Address Verification
Service: flags fraudulent addresses.
Visa's Cardholder Risk
Identification Service (CRIS): employs artificial intelligence to
identify suspicious purchase patterns.
"Zero Liability"
Program: eliminates cardholders' liability if unauthorized
transactions are reported within two business days
"Visa U.S.A has made
card security a priority," said Bill Stewart, Executive Vice
President, Visa U.S.A. said. "While we've pushed fraud to a record
low, Visa will keep working to eliminate card fraud. Consumers can
join in this effort by treating their Visa card like a thousand
dollar bill."
Currently, there are 600
million active Visa cards. For more information about Visa access
http://www.visa.com.
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