Visa Adds New Fraud Disruption Measures

Payment card giant creates a cyber fraud system to thwart transaction abuse.

Visa now is adding fraud disruption to supplement its transaction fraud detection and remediation efforts. The company today at the
Visa US Security Summit 2019
in San Francisco outlined five new capabilities it now uses to prevent fraudulent transactions.
Were looking to identify and disrupt fraud
before
it happens, says David Capezza, senior director of payment fraud disruption at Visa. We want to take a more proactive approach and identify these attacks and shut them down before they occur.
Rivka Gewirtz Little, research director for global payment strategies at IDC, says Visas new approach blends both its cyber and fraud units.
Typically, organizations are focused on the transaction, Gewirtz Little says. Whats interesting here is that Visa is creating a true cyber fraud system where the cyber team and fraud teams are integrated: the cyber team focuses on the attack against the enterprise and the fraud team looks at ways of preventing the attack. Its not always the same set of tools, the same team and objectives.
The five new fraud capabilities Visa will offer include:
Vital Signs
: Monitors transactions and alerts financial institutions of potentially fraudulent activity at ATMs and merchants that may indicate an ATM cashout attack. To limit financial losses for financial institutions, Visa can automatically or in coordination with clients, step in to suspend malicious activity.
Capezza says Visa looks to understand the methodologies behind ATM cashout attacks, looking for anomalies in withdrawals and then notifying clients.
Account Attack Intelligence
: Applies deep learning to Visas vast number of processed card-not-present transactions to identify financial institutions and merchants that hackers may exploit to guess account numbers, expiration dates, and security codes. By using machine learning, Visa looks to detect sophisticated enumeration patterns, eliminate false positives, and alert affected financial institutions and merchants before follow-on fraud transactions begin.
Payment Threats Lab
: Visa will create an environment to test a clients processing, business logic, and configuration settings to identify errors leading to potential vulnerabilities. Capezza says working directly with clients, Visa can run red-team tests to walk through the methodologies hackers use to launch attacks. They can replicate how various attacks occur to understand them better and look out for new ways hackers can potentially attack financial systems.
eCommerce Threat Disruption
: Capezza says the success of
EMV cards
has shifted cybercriminals focus to ecommerce merchants. Visas threat disruption capability uses sophisticated investigative techniques to scan the front-end of e-commerce websites for payment data skimming malware. By identifying potential website compromises, Visa hopes to limit the amount of time malware might be present on a merchant website and significantly reduce exposure of customer and payment data.
Payment Threat Intelligence
: All of Visas new disruption capabilities will enhance Visas threat intelligence reports, which go out to Visas brick-and-mortar and online clients and the broader financial community. The reports include alerts, analysis, technical indicators, and mitigations for potential cybercrime threats, account compromises and fraud.
Meanwhile, Forrester Research today published a new fraud study commissioned by Visa. According to the new
Forrester report
, 68% of respondents expressed concerns about fraud in mobile banking payments; 60% for mobile wallets; and 58% for peer-to-peer payments. However, Forrester also found that 77% are ready to invest to meet these challenges head-on.
Related Content:
4 Payment Security Trends for 2019
More Focus on Security as Payment Technologies Proliferate
Visa: EMV Cards Drove 70% Decline in Fraud
Fraud Drops 76% for Merchants Using EMV, Visa Says
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