Latin America without frauds, Visa launched new tool

Visa introduced real-time fraud prevention technology across Latin America. This week the credit card network announced the rollout of its Advance Authorization. The solution allows to momentarily detect potential fraud while providing financial institutions risk indicators that guide them to immediately decide if they will accept or decline the transaction. Visa says it is the first in the industry to launch such kind of security product.

Advance Authorization is based on Visa's state-of-the-art neural networks that have proved effective in detecting unusual spending patterns and monitoring for fraud in individual accounts. The upgrade made to this release is that it is updating in real-time from every transaction performed on the Visa network worldwide. As threats and activities change, the tool updates itself to look for new patterns. Authorization occurs immediately every time an authorization request passes through the Visa network. During a purchase the data of each cardholder is evaluated by the Advance Authorization. Then the system assigns a risk score to each authorization request, and if it detects and links together unusual patterns of event level behavior, it assigns a compromised account risk condition code as well.

At the moment Advance Authorization is available to every financial institution networked to Visa throughout Latin America and the Caribbean and it can be used with all of the Visa credit and debit card purchases.