Visa to identify fraud more quickly with new Singapore-developed technology
Credit card company Visa has worked with Agency for Science and Technology Research (A*Star) to develop a special software that can identify deceptive and fraudulent merchants.
Out of the millions of transactions processed daily, the technology can pick out the digital fingerprints left behind by fraudulent merchants, allowing Visa to stop their operations.
The technology took 18 months to develop. It may be used globally in Visa's products and services offered to banks and other business partners.
A*Star worked with VisaLabs, the Asia-Pacific office of Visa's innovation labs, on this project. VisaLabs was set up last year.