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August 21, 2014

Visa develops new software to detect unauthorized use of credit cards at gas stations

Global payment processor Visa has developed a new software Visa Transaction Advisor that will identify whether someone is using a stolen, lost or counterfeit credit card to fill up at gas stations.

By Verdict Staff

Global payment processor Visa has developed a new software Visa Transaction Advisor that will identify whether someone is using a stolen, lost or counterfeit credit card to fill up at gas stations.

About 25,000 gas stations have already partnered with Visa, while Chevron, an early trial case, has reported a 23% drop in fraud at the pump, reported The Washington Post.

The fraud protection system analyzes 500 pieces of data about cardholders, such as location and past transaction history, to create a risk score between 0 and 100 for each card being used.

The US technology company said that the higher the score, the higher the risk that the card in use is stolen.

Service stations that use the system can set a risk threshold and if the user’s card has a risk score higher than that set standard the user will be prompted to meet the store’s attendant inside the station, according to the publication.

Visa risk products and business intelligence vice president Mark Nelsen said: "If a fraudster gets that message, they’re going to drive away.

"The genuine consumer is going to go to the attendant to finish the transaction."

The self-serve facility at gas stations offer the ideal settings for fraudsters to test lost, stolen or counterfeited cards to see if they are working before using them elsewhere.

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