As with most credit card companies, Visa faced the challenge of combatting fraudulent activity while providing seamless service for their customers – tasks that don’t always go hand-in-hand.
In fact, when card issuers first started using automated business rules software to prevent fraud, customers reported more frustrating payment rejections on vacations or business trips. The technology that was built to minimize risk had difficulty assessing whether customers were travelling – or someone had stolen their credit cards.
Big data analytics from SAS changed all this. By implementing analytics, Visa could analyze up to 500 unique variables in real time. This helped it reduce fraud without upsetting customers with unnecessary payment rejections, potentially saving it an incremental $2 billion of fraudulent payment volume annually.
If you are likely to travel we know it, and we tell your financial institution so you’re not declined at the point of sale. We also will assist your bank in developing the right strategies for using the Visa tools and scoring systems.