Visa has introduced a new suite of security services designed to protect merchants and users from the latest security threats, according to a release.
The new features are meant to help stop and contain payment fraud and to protect the payments ecosystem. There will be no cost for Visa clients; the company said it is one of the many benefits available to Visa merchants and financial institutions.
“Cybercriminals attempt to bypass traditional defenses by stealing credentials, harvesting data, obtaining privileged access and attacking trusted third-party supply chains,” said RL Prasad, senior vice president of payments systems risk for Visa. “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.”
Enumeration attacks, one of the most common types, is when ATMs are exploited to release money fraudulently. Another attack is the card-not-present fraud that affects eCommerce, phone and mail orders. Although the latter is not as common, it is responsible for 40 percent of fraud losses as well as operational costs.