Monday, June 13, 2005

Using profiling to fight credit card fraud

Credit card providers have been using purchase pattern information to fight fraud for some time. Visa is throwing neural network technology and other analytical techniques to deduce whether a transaction is likely to be fraudulent.

Visa's newest attempt to thwart fraud - Online Banking -

"... Visa said that when a card is swiped, its new Advanced Authorization technology provides an instant rating of the transaction's potential for fraud to the card issuer, including whether the card was part of a reported security breach. The issuer can then tell the merchant whether to accept or decline the transaction...."

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