Visa is to step up the fight against crime by releasing a fraud detection tool to a variety of European banks.
Visa intelligent scoring of risk (VISOR) is a tool that scrutinises card transactions to highlight irregular patterns of spending, the company claims. Visa is hopeful that the scheme will minimise losses on card transactions.
Visa partnered with decision technology firm Fair Isaac to create the product, which was piloted by Barclays Bank International in Germany, ICS in the Netherlands and the Nationwide Building Society.
The initiative is the latest in anti fraud schemes by the company. Others include a four-digit number instead of a signature, and an online cardholder authentication service.