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VISA DEVELOPS EARLY WARNING SYSTEM TO COMBAT COUNTERFEIT

VISA DEVELOPS EARLY WARNING SYSTEM TO COMBAT COUNTERFEIT
 SAN FRANCISCO, Feb. 14 /PRNewswire/ -- Visa International announced today at a bankcard conference in Frankfurt that it is developing an early-warning system for fraud detection that will reduce counterfeit losses in the banking industry.
 Addressing Lafferty's 5th International Bank Card Conference, William D. Neumann, senior vice president of Risk, Management and Security for Visa International, told the audience of banking executives that starting this fall, Visa will screen all transactions cleared and settled by Visa for fraud potential.
 Visa's computer-based early-warning system, called the Transaction Analysis System, will analyze usage patterns on all daily transactions over a certain amount to quickly identify probable counterfeit transactions. Once identified, both the card-issuing and the merchant-signing financial institutions will be notified of transactions that have counterfeit attributes.
 "Due to the dramatic increases in counterfeit losses worldwide, programs such as this one are critical in deterring counterfeit," said Neumann.
 Visa International expects worldwide counterfeit losses to almost double for the 1991/92 insurance period (April 1 - March 31) to over $100 million from $55 million a year earlier. If they continue to increase at the current rate, losses could exceed $175 million next year.
 Visa is the world's largest consumer payment program with more than 274 million cards worldwide.
 -0- 2/14/92
 CONTACT: Brad Hennig of Visa International, 415-358-2435
CO: VISA INTERNATIONAL
IN: FIN
ST: CALIFORNIA (CA)


-- SF001 -- 9082 02/14/92
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Publication:PR Newswire
Date:Feb 14, 1992
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