CREDIT card company Visa blocked US$30 billion in fraud in the first six months of 2023.
Visa’s senior director of business development Jorge Salum gave the figure as he highlighted the work the company was doing to combat fraud while driving a secure cashless ecosystem in Trinidad and Tobago.
In a media release, Salum said cashless payments are experiencing promising growth as a result of the increasing adoption of digital technologies.
He said, however, this is fuelling a worldwide shift in crime as cyber criminals are also becoming increasingly sophisticated and capitalising on vulnerabilities.
“Developing countries like Trinidad and Tobago are also facing a significant rise of phishing schemes, attacks targeting e-commerce, free-gift scams and ransomware,” added Salum.
Salum said Trinidad and Tobago has been making tremendous strides in credit-card security with the introduction of contactless technology, the transition to a more secure e-commerce authentication protocol and advanced authorisation solutions.
However, he said more can still be done to protect transactions.
“This includes the implementation of tokens, a security technology that replaces sensitive account information with a unique digital identifier.”
He added, “Merchants should consider incorporating a transactional risk scoring tool, like CyberSource’s Decision Manager, which leverages AI technology to help merchants distinguish between fraudulent and legitimate payments transactions.”
Here’s what you need to know:
- Visa invested in API-based biometric authentication startup LoginID. The startup’s APIs let companies integrate biometric authentication, like facial recognition or fingerprints, to any partner application or online platform, like ecommerce and banking brands. Visa’s undisclosed investment follows LoginID’s $6 million seed funding round in March. The investment might signal Visa’s intention to work with LoginID, either through direct integration or as a feature available to clients.
Source:
- “Visa strengthens fraud-prevention measures”, By GREGORY MC BURNIE, February 1 2024, https://newsday.co.tt/2024/02/01/visa-strengthens-fraud-prevention-measures/
- “Visa and American Express ramp up fraud detection initiatives”, By Adriana Nunez, Jun 3, 2021, https://www.insiderintelligence.com/content/visa-american-express-ramp-up-fraud-detection-initiatives