Visa Highlights Security Efforts during Peak Shopping Season (Nov. 30, 2015)
As consumers take to their computers and mobile devices in the hopes of getting great deals today and throughout the holidays, shoppers could fall prey to identity thieves and other scams. To thwart such crimes online and in stores, Visa has kicked off an educational and marketing campaign for issuers, merchants and consumers about the network’s security efforts. “The great thing for consumers shopping now is there are a lot more advancements for security in store as well as for shopping online,” Stephanie Ericksen, Visa vice president of risk products, tells Paybefore. “We have a lot more advanced analytics, for example, to be able to predict fraud and [provide] higher confidence of positive transactions,” she says.
Visa technologies, such as Visa Checkout, the online check out service launched mid-2014 enabling shoppers to pay with their cards online and on any device. Users can pay with a user name and password, avoiding having to share their account information with the merchant, and tokenization for mobile wallet payments, including. “We’re using tokenization across all of those different applications, so your account number is being replaced by a digital transaction, so if that’s intercepted it can’t be used for any online fraud and it’s also providing a lot more convenience.”
Consumers also can sign up for Consumer Alert to have a text or email message sent to them for all transactions over a certain amount of money, to help them monitor their accounts, Ericksen continues. Some issuers are using Visa’s mobile location service to enable customers to opt-in via their mobile banking app to have their phone location associated with their accounts. For example, if a consumer is performing a transaction in New York, his phone also is being identified as being in New York, which gives the issuer and consumer more confidence in that transaction.
Among other efforts, Visa also is disseminating information to merchants and consumers by participating on a Website, gochipcard.com, which has some broader industry information for consumers and merchants on the EMV acceptance experience.