Visa’s added security helps reduce gas pump fraud
Visa’s additional security feature Visa Transaction Advisor (VTA) has helped reduce fraud by at least 51 percent in more than 35,000 gas stations in the United States where the service is being used, according to a company release.
“Visa Transaction Advisor gives fuel retailers a tool for applying Visa’s real-time fraud insights to transactions at the gas pump,” said Mark Nelsen, senior vice president of Risk Products, Visa Inc.
Gas stations especially those with outdoor pay-at-the-pump terminals are vulnerable to fraud as criminal rings can easily use stolen or counterfeit cards to purchase large quantities of gas without being detected.
However, with the VTA, the card inserted is analyzed including its transaction history, involvement in a data compromise, and other data which may consider it risky and may need further cardholder authentication before gas is pumped. Fraudsters, according to a Visa research, will usually drive away instead of completing the transaction.
VTA is the payment company’s bridge solution while fuel retailers work on the implementation of EMV chip technology, a mechanism that will protect against counterfeit card fraud.
