SAN FRANCISCO — Visa Inc. has announced some new fraud protection tools which the card brand said will help credit union Visa issuers to better manage the card fraud risk. The new tools are being offered under the name Visa Risk Manager.
"An issuer must be able to constantly fine-tune its authorization and risk management strategies to help it keep pace with rapidly changing fraud patterns," said Nancy Hilgers, an executive with Visa. "An investment in Visa Risk Manager is designed to make a tangible bottom-line impact by helping financial institutions reduce fraud, increase revenue and improve the point-of-sale experience," she added.
The new tools will allow issuers to test different authorization strategies against 13 weeks of historical data to find an approach that will minimize the most fraud and improve the customer experience by allowing more approved transactions, the card brand in an announcement of the new products. After determining its custom authorization strategy, an issuer can use VRM to quickly publish the new authorization rules for all or a subset of its card portfolios and monitor their performance.
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"Issuers of all sizes can bring advanced fraud-fighting technology in-house with Visa Risk Manager and better control a critical risk management function," the card brand said. No executives were available to answer questions about the product.
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