Visa releases software to prevent gas pump card fraud

Monday 22 September 2014 11:37 CET | News

Visa has revealed plans to roll out a new software aimed at predicting whether it’s you or a thief trying to fill up at the gas pump.

The program uses some 500 pieces of data, including a cardholder’s transaction history and reports on hot spots for fraud, to flag high-risk transactions after customers swipe their cards.

Dubbed Visa Transaction Advisor, the software produces a risk score ranging from zero to 99. The higher the score, the greater the risk of fraud.

If a threshold set by the gas station operator is exceeded, for example, getting a score higher than 60, customers get a message at the pump asking them to complete the sale inside, where a clerk can ask for additional verification.

An analysis of the service showed that fraudsters drove away after seeing the message, while legitimate customers went inside to pay, according to Mark Nelsen, Visa’s vice president of risk products and business intelligence.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Visa, software, gas pump, card fraud, digital identity, online security, fraudsters
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime