As of Monday, at least 80 people were victimized by credit and debit card readers being tampered with.
Visa has enhanced the security of its electronic credit card authorization system, known as VisaNet, to improve the speed and accuracy of fraud detection, the card brand announced Thursday. Earlier this year, Visa improved the processing platform of its Advanced Authorization technology so that it can analyze more information and perform more functions faster. "This provides Visa with a comprehensive view into the global payments system, leading to high levels of intelligence around spending patterns and improving the company's ability to detect and prevent fraud in near real-time," Visa said. The company believes the improvements could lead to a 29 percent gain in fraud detection over 2009. - DK
Commercial bank account holders are not offered the same degree of liability protection as financial institutions, reports Dan Kaplan.