Visa has launched a suite of innovative security capabilities to help prevent and disrupt payment fraud, breaking new ground in cybersecurity and fraud prevention across Central & Eastern Europe, Middle East and Africa (CEMEA).
Visa launched the suite at the Visa CEMEA Security Summit 2019 in Barcelona, Spain before payment industry experts from risk, business and operational departments of financial institutions, merchants, processors and other payment service providers.
The new payment security services and capabilities help protect the integrity of the payments ecosystem by detecting and disrupting fraud threats targeting financial institutions and merchants.
“Cybercriminals attempt to bypass traditional defences by stealing credentials, harvesting data, obtaining privileged access, and attacking trusted third-party supply chains,” said Hector Rodriguez, Regional Risk Officer, CEMEA, Visa. “Visa’s new payment security capabilities combine payment and cyber intelligence, insights and learnings from breach investigations, and law enforcement engagement to help financial institutions and merchants solve the most critical security challenges.”
According to a global report by Forrester Consulting commissioned by Visa, ATM cash-out attacks that exploit vulnerabilities among financial institutions and processors to remove fraud controls to withdraw money from cash machines fraudulently, and automated testing of values and credentials to gain unauthorized access to information and functionality called “enumeration attacks” were among the most prevalent account-related fraud types identified by respondents. At the same time, card-not-present fraud that includes e-commerce, phone and mail orders was found to be less frequent but caused more damage to businesses—representing nearly 40% of fraud losses and operational costs. Managing payment fraud holistically is imperative to meet these challenges.
As threats evolve, Visa’s payment security capabilities help to holistically protect the core components of the ecosystem—people, data and infrastructure—to maintain trust and connect the world through the most innovative, reliable and secure digital payment network.
These capabilities complement Visa Payment Threat Intelligence, which provides actionable and informational cyber intelligence to clients and merchants worldwide. It offers timely intelligence reporting, technical delivery and educational materials. This includes alerts, analysis, technical indicators, and mitigations for potential cybercrime threats, account compromises and fraud.
