How Visa fights fraud during the coronavirus lockdown
As a major payment network, Visa is a very big target for fraud attempts — perhaps even more so during the coronavirus pandemic. As more commerce moves from cash to card, and from in-person to card-not-present, scammers are watching closely for ways to exploit this new behavior.
Not all of the fraud happens at the point of payment. Any interaction between a merchant and customer — including marketing and customer service — is an opportunity to create a new phishing scam or social engineering attack.
Tia Ilori, Senior Director of global fraud and breach investigations at Visa, joins us to talk with Michael Moeser, PaymentsSource's senior analyst, about these issues and more.
Visa may not be able to prevent fraudsters from impersonating its merchants, but it can stop its cardholders from losing money when that fraud comes to its network. It already has layers of fraud prevention in place to detect card-not-present fraud, and those measures must work as well for the new work-from-home shopper as it would for someone whose payment habits may not have changed all that much during the pandemic.
Correction: Visa has clarified that its global fraud rate is less than 10 cents for every $100.