SAN FRANCISCO, April 11, 2012 /PRNewswire/ -- Visa Inc. (NYSE: V) announced today a new global solution called Visa Strategy Manager to help financial institutions create and implement strategies for identifying and stopping fraudulent transactions in real-time at the check-out.
Through this service, financial institutions will benefit from Visa's cutting-edge, patent-pending algorithms, which help detect fraud patterns. Using this algorithm, Visa Strategy Manager allows financial institutions to target the riskiest transactions with customized fraud strategies and determine whether a transaction should be approved, declined or flagged for review.
"Financial institutions have to process thousands or millions of transactions each day. This means that a vast amount of data must be analyzed for fraud risk," said Mark Nelsen, head of global risk and authentication product development for Visa Inc. "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. Without any additional technology investments, financial institutions will be able to pinpoint complex fraud patterns that might otherwise go undetected."
Visa Strategy Manager builds on Visa Advanced Authorization, an industry-leading security technology that analyzes and scores every Visa transaction for its fraud potential. Visa Advanced Authorization bases its "risk scores" on a global view of fraud and spending patterns across the entire Visa network. Because VisaNet processes more electronic card payments globally than other networks, Visa is uniquely positioned to identify fraud on individual accounts and coordinated attacks on multiple accounts across the system. Visa Strategy Manager will give issuers an enhanced capability to stop fraud at the check-out, before it occurs.The service can be used in conjunction with Visa Risk Manager, a decisioning tool that enables issuers to test and deploy authorization rules within minutes and respond to fraud trends as they evolve. Or, Visa Strategy Manager can be used independently with an issuer's own host system. U.S. issuers can also use Visa Strategy Manager with Visa Debit Processing Services (DPS) solutions.