Protecting cardholder information and preventing fraud are job one at Visa. Our company has invested billions of dollars in the industry's most advanced anti-fraud technologies, resulting in an all-time low fraud rate of 5 cents per $100 transacted.
Some readers might infer from the story that merchants alone bear the cost of fraud. They should know that in a majority of transactions — those where the card is present at the point of sale — liability rests with the bank issuing the card, as long as the merchant follows simple steps for card authentication.
For card-not-present sales, Visa has put in place multiple tools to help merchants avoid fraud-related costs.
For example, our Verified by Visa authentication service transfers fraud liability costs from the merchant onto the card-issuing bank. Our Card Verification Value 2 technology helps verify that online customers are in physical possession of the card. Utilizing the Address Verification Service allows online merchants to match the purchaser's billing address to the billing address of the actual cardholder on file with the issuing institution.
Fighting fraud is a role that financial institutions and merchants alike must play. I urge merchants to visit www.visa.com/merchants to find out more about our fraud prevention technologies.
Merchants should also contact their financial institution and/or processor to determine which fraud-fighting services are available for use on behalf of our shared customer: the U.S. consumer.
John Shaughnessy Jr., Senior vice president, Risk Management Visa USA, San Francisco
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