Through the new service, financial institutions will benefit from Visa’s patent-pending algorithms, which help detect fraud patterns.
Using the algorithm, the new solution will allow financial institutions to target the riskiest transactions with customized fraud strategies and determine whether a transaction should be approved, declined or flagged for review.
The new service which builds on the company’s security technology Visa Advanced Authorization can be used in conjunction with Visa Risk Manager, a decisioning tool that facilitates issuers to test and deploy authorization rules.
Initially, the service is offered to financial institutions in the US, Canada, and Latin America and the Caribbean, and it will be extended to Asia Pacific and Central and Eastern Europe, Middle East and Africa by summer this year.
Visa head of global risk and authentication product development Mark Nelsen said that financial institutions have to process thousands or millions of transactions each day which means that a vast amount of data must be analyzed for fraud risk.
"Visa Strategy Manager makes things easier for issuers by automating the process for writing their fraud detection rules, and responding to real-time fraud trends," Nelsen said.
