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Credit Card Security: Where Are We Now?
Even though protection from credit card fraud may leave much to be desired, there’s no denying that the companies issuing the cards are making commendable efforts in combating the menace.Visa USA has come up with Advanced Authorization, a patent-pending technology geared to eliminate fraud even before it occurs, at the time of checkout. It zeroes in on coordinated attacks on multiple accounts in real time.
Each time a card is used, an instant rating of the opportunity for fraud is made to the issuer. An immediate response is sent back to the place of transaction to decline or accept.
Another Visa initiative, Visa Advanced ID Solutions issues customized versions of ID Analytics ID Score to members. The score establishes the identity of applicants enabling financial institutions to prevent fraudulent debit and credit card applications.
On the otherr hand, Discover Financial Services continuously monitors ongoing fraud trends to get to the root of the problem. Any sign of data compromise whether with a merchant, processor or value-added reseller is sought. Credit card info.com reports:
At the end of the day, are credit card companies doing enough to protect consumers, merchants and banks from fraud? The results will have to speak for themselves, but companies like CyberSource are keeping tabs on Internet-based credit card fraud and, according to the results of its 2006 Fraud Survey, there is more work to be done.
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