Visa ramps up fraud checks with IBM
A new IBM-designed operating system has been deployed to speed up Visa's fraud-detecting computers, in a move that Visa said would save a whopping US$1.5 billion in fraudulent transactions.
(Credit: Visa)
Visa said the "Z Transaction Processing Facility" 64-bit operating system allows more complex transactions to be processed more quickly in milliseconds.
It will also provide for new forms of advanced fraud analysis and mobile payments services, according to the company.
The computers behind Visa's fraud detection network, VisaNet, are capable of processing some 130 million transactions per day and running more than 20,000 a second.
This network runs Visa's so-called "Advanced Authorisation", which attributes fraud risk scores based on global spending patterns.
The company also developed a cross-border model that can detect more than three times the level of fraud which occurs outside of a cardholder's country. It works by tracking specific transaction, fraud and account types.
"The growth of digital currency has yielded vast benefits to consumers, merchants and entire economies around the world. Continued success requires … that the purchase will be convenient and secure," said Visa Australia and New Zealand director country risk management Ian McKindley.
Visa claimed fraud rates within the company are at a "historic low", but did not provide figures.