Visa targets cross-border card fraud

Visa has upgraded the operating system powering its global transaction authorisation platform in a bid to identify potentially fraudulent payments faster.

The company said in a brief statement that it made the upgrade last year.

It said the new system could process more complex data mining and analysis at once. "improving the company's ability to detect and prevent fraud in near real-time".

Visa said the new system could detect patterns in transactions globally, allowing the company to track fraud occurring outside a cardholder's home country.

It expected the new system would lead to a three-fold increase in the amount of cross-border fraud identified, although Visa did not say from what base it made that assumption.