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Monday, September 3, 2012

IOB to step up security for Visa cardholders

Indian Overseas Bank will offer “unprecedented levels” of real-time protection and greater security for Visa cardholders by adopting Visa’s real-time fraud detection solutions. A press release from the bank says this would make all its ATMs, point of sale and Internet transactions foolproof.

IOB cardholders can now enjoy the convenience, reliability and security of VisaNet, Visa’s global processing platform with access to millions of ATMs around the world that accept Visa cards. The release quoting the bank’s General Manager, S. Radhakrishnan, says the bank has also introduced PIN change facility through its ATMs for our credit cardholders to further secure their interests.

Visa Advanced Authorisation and Visa Risk Manager create a safe experience for customers using their cards by offering comprehensive fraud prevention to financial institutions that better identify and stop fraud before it occurs. In less than two seconds, Visa Advanced Authorization can analyse and risk “score” a transaction for the card-issuing financial institution with “unprecedented accuracy”.

Visa Risk Manager then allows issuers to streamline decision-making, so they can turn that insight into action. This remarkable speed and clarity allows issuers to prevent fraud from occurring in the first place, the release added.


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