Visa Inc. is a US based multinational offering
financial services and felicitation of electric funds transfer around the
world. This is mostly done through Visa providing financial institutions with
Visa- branded payment products that the institutions can then use to provide
their customers with credit, debit, and cash payment programs. By 2010, Visa
held a 40% market share of credit card and 62% of the debit card market in the
United States. The company has operation across all major regions of the world
from Central and South America to Oceania. It has an employee base of over 8500
workers and revenue base in 2013 at $11.778 billion. It is traded at the NYSE
as ‘V’ and has a current stock price on Aug 21, 2014, of $216.2 with a market
capitalization of $133.98 billion.
Visa’s
new software to prevent fuel theft!
Visa stock is
launching new software which will be able to detect whether it’s you or someone
else who is at the gas station filling up on the fuel. Gas stations are mostly
the first and the easiest places for thieves to use stolen credit cards.
The new software analyzes around 500 pieces of data, which includes
location and past transactions, in less than a second. This data then presents
itself as a risk score from zero to 99. The higher the score, the higher is the
probability that the card in use is stolen. Each gas station gets to put in its
own risk assessment score. If for example it is 50 on that zero to 99 scale,
and the card turns out a risk score exceeding that, a message will flash at the
pump indicating that you need to see the attendant inside the station. The
whole point is to differentiate between a crook and a genuine person.
"If a fraudster gets that message, they're
going to drive away. The genuine consumer is going to go to the attendant to
finish the transaction," stated Mark Nelsen, Visa’s vice president of
risk products and business intelligence.
The software is called Visa Transaction advisor, and
it works by extracting the data the company has collected on the cardholders.
The program enables merchants to ask for additional verification once a
customer gets the message at the pump to see the attendant.
According to researchers at Nelson, nearly six cents
of every $100 in transaction is a result of credit fraud with gas stations
being the most likely place for it to occur. Visa hopes this software will
prevent crooks using the stolen plastic on fuel pumps and in instances where it
happens, and the person speeds away after looking at the message, the attendant
at the pump can immediately alert the authorities about it.
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