Fraud Detection: Visa Launches Visa Strategy Manager
- Visa proposes Visa Strategy Manager: a new solution designed to help financial institutions with defining and implementing strategies to identify and prevent fraudulent transactions in real-time, at checkout. According to the card network, this detection tool is especially adapted to address the riskiest operations. Transactions are monitored and flagged by categories: approved, declined or to be reviewed.
- Visa insists that this solution may be of interest for issuers as they would benefit from a means to automatically set up their own detection rules without having to fund additional equipment or teams.
- Visa Strategy Manager is based on Visa Advanced Authorization for analysing and scoring Visa transaction depending on their criticality. The card network also counts on the scale of VisaNet.
- Visa Strategy Manager can be used independently or with other dedicated Visa tools (decision making software for instance); it is already available in the US, Canada, in South America and in the Caribbean. It should also be proposed in Africa, Asia-Pacific, Central Europe, Eastern Europe and in the Middle East by hits summer.
Source: Visa press release
- Customisation is of major importance in this product description, emphasising expectations on the part of the issuers for more scalability as well as for tools more adapted to their respective portfolio. All in all, they may witness a decrease in their false-positives rates and may avoid (costly) interactions with dissatisfied customers.
- Automation tools generally do not involve heavy investments (dedicated teams, etc.). This solution for its part is rather specific as it aims at international, or global, reach.