This archive report was first published on 8 November 2019.
On November 8, 2019, Visa unveiled a suite of innovative security capabilities to help prevent and disrupt payment fraud in Central and Eastern Europe, the Middle East, and Africa.
The new payment security services and capabilities were launched at the Visa CEMEA Security Summit 2019 in Barcelona, Spain, before a gathering of payment industry experts from risk, business, and operational departments of financial institutions, merchants, processors, and other payment service providers.
According to Hector Rodriguez, Regional Risk Officer, CEMEA, Visa, cybercriminals attempt to bypass traditional defenses by stealing credentials, harvesting data, obtaining privileged access, and attacking trusted third-party supply chains.
Visa's new payment security capabilities combine payment and cyber intelligence, insights, and learnings from breach investigations, and law enforcement engagement to help financial institutions and merchants solve the most critical security challenges.
A global report by Forrester Consulting commissioned by Visa found that ATM cash out attacks and automated testing of values and credentials to gain unauthorized access to information and functionality called 'enumeration attacks' were among the most prevalent account-related fraud types identified by respondents.
Card-not-present fraud, which includes ecommerce, phone, and mail orders, was found to be less frequent but caused more damage to businesses, representing nearly 40% of fraud losses and operational costs.
Visa's payment security capabilities help to holistically protect the core components of the ecosystem – people, data, and infrastructure – to maintain trust and connect the world through the most innovative, reliable, and secure digital payment network.
The new security capabilities include:
- Visa Vital Signs – Actively monitors transactions and alerts financial institutions of potential fraudulent activity at ATMs and merchants.
- Visa Account Attack Intelligence – Applies deep learning to Visa's vast number of processed card-not-present transactions to identify financial institutions and merchants that hackers may be using to guess account numbers, expiration dates, and security codes.
- Visa Payment Threats Lab – Creates an environment to test a client's processing, business logic, and configuration settings to identify errors leading to potential vulnerabilities.
- Visa eCommerce Threat Disruption – A proprietary solution that uses sophisticated technology and investigative techniques to proactively scan the front-end of eCommerce websites for payment data skimming malware.
These capabilities complement Visa Payment Threat Intelligence, which provides actionable and informational cyber intelligence to clients and merchants worldwide.
