Visa API puts users in charge of security
Visa is introducing a new service to help Visa issuers empower consumers to monitor and control how, where, and when their Visa credit, debit, and prepaid accounts can be used. It provides real-time visibility and control over their accounts so consumers can take immediate action to protect themselves from security threats and fraud.
Visa Consumer Transaction Controls, which is available to Visa card-issuing financial institutions, enables account holders to set simple, convenient, and effective spending controls, receive transaction alerts, or even temporarily suspend their accounts using a simple on/off feature.
“By putting the account holder in charge, Visa card issuers can provide their consumers peace of mind through innovative spending controls, and more effective fraud prevention,” said Mark Nelsen, senior vice president of Risk Products and Business Intelligence, Visa. “With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system.”
Visa issuers should be able to offer consumers a variety of transaction controls that are easily customised to meet their specific needs. For example, spending controls can be applied to different transaction types, date ranges, or overall card spending to offer consumers visibility and control over their money. Alerts can be sent by text, mobile app, or email in when transactions take place. Visa reports that about US$0.06 cents out of US$100 transacted is fraudulent and that consumers who receive Visa transaction alerts experience 40 percent less fraud than account holders who do not.
Reported by Dan Barnes
