Visa announced yesterday that Visa’s Advanced Authorization (VAA) technology has been developed for increased efficiency in card fraud detection and prevention.
Its evolved technology is aimed at assisting financial institutions, merchants and consumers in securing physical and card-not-present debit and credit card payment transactions. By increasing the breadth of every account profile and adding more transactional history data, and neural networks for data analysis, prevention can be achieved. According to Visa, It will improve risk assessment for more reliable and vigorous analyses when it comes to authorization decisions.
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“Cardholders, merchants and issuers all want to have confidence in the convenience and the security of every Visa transaction,” said Mark Nelsen, Head of Risk and Authentication Products, Visa Inc. “The great improvements we’ve made in Advanced Authorization this year were designed to do just that: fight fraud and its costs to financial institutions and merchants, while also ensuring legitimate transactions are handled with the speed and convenience that consumers and merchants want.”