Visa Europe, Europe's leading payment system, today launched Visa Device Profiling, a new fraud management service which provides fast and accurate information on locations where suspicious cross-border ATM transactions are taking place.
The service provides banks with an easy and cost-effective tool for helping to combat ATM fraud.
The success of EMV chip technology (the basis of chip and PIN) in combating fraud has meant that fraudsters are now focusing their attention on countries which have been slower to adopt EMV. As a consequence, there has been a marked increase in losses from cross-border counterfeit transactions with ATM losses accounting for around 20 per cent of the total.
Visa Device Profiling draws upon Visa Europe's unique global transaction data to identify the locations worldwide where suspicious card usage activity and ATM fraud are most likely to be taking place. It can detect sudden shifts in ATM use, quickly and accurately identifying those ATMs that have potentially been targeted by criminals.
Visa Device Profiling is available to European banks through a simple subscription service. It is designed for both card issuing banks, who can use it manage ATM fraud losses and minimise the number of inappropriately declined transactions, and organisations that manage ATMs, by helping them to identify suspect ATMs within their business. Implementing Visa Device Profiling allows individual banks to compare their fraud profile with country and regional benchmarks and upgrade those ATMs which are particularly prone to attacks to mitigate the cost of subsequent fraud.
Kevin Smith, Senior Vice President Fraud Management at Visa Europe, said "Cross-border ATM fraud has become a significant problem for European banks. Designed by our fraud management experts, the Visa Device Profiling service provides a fast, accurate and cost-effective way for banks to manage this fraud risk. By keeping a watchful eye on suspicious cross-border ATM transaction activities, Visa can help banks reduce fraud losses and minimise the number of inappropriately declined transactions."
"Visa Europe is committed to fighting fraud through continual innovation and we believe Visa Device Profiling will become one of the strongest and most cost-effective tools available to banks."