Visa Introduces New Platform to Stop Cyber Threats Before They Turn Into Fraud

Visa has launched a new cybersecurity offering called the Visa Threat Intelligence Platform (VTIP). VTIP is aimed at helping financial institutions spot the potential cyber threats that can turn into fraud. It merges both cyber intelligence and information related to payments, thereby allowing banks and financial companies to see the risks sooner and protect themselves against any payment fraud.

The company claims that many instances of payment fraud happen much earlier than the actual fraudulent transaction. This happens because the cybercriminal first obtains the credentials or other data related to the person. Later on, such information may be used and sold by the criminal, which leads to losses of money by both organizations and individuals.

Built Using the Same Security Tools That Protect Visa’s Network

The technology used to create VTIP is similar to that employed by Visa for securing its global payment network from cyber risks. The company revealed that it stops 90 million cyber threats and 11 million phishing emails monthly in over 200 nations where it operates. Before releasing VTIP to its customers, Visa had tested the product thoroughly in its internal environment to make sure that it can recognize real cyber threats.

Mandy Lamb, the Head of Value-Added Services at Visa Europe, pointed out that in many cases, fraud is caused by cyber incidents that go unnoticed. She noted that VTIP allows banks to recognize potential dangers before any harm is done, thus preventing fraud losses and ensuring customers' security.

Advanced Intelligence Designed for Financial Institutions

Visa Threat Intelligence Platform is designed exclusively for the financial services industry. This platform offers several intelligence capabilities to assist the security and fraud teams in making better decisions at a much faster pace.

These include malware detection, vulnerability management, brand security from any form of impersonation, executive and employee digital identity monitoring, and intelligence on compromised payment credentials from the dark web. The platform also integrates information with insights offered by VisaNet, helping organizations assess payment risks more accurately.

Strengthening Security Across the Payments Ecosystem

Over the last five years, Visa has spent more than $13 billion on developing technology for its networks and ensuring better network security and less fraud. VTIP is another step taken by Visa in the direction of helping financial organizations to be able to find any cyber attacks in their early stages and not just detect frauds after they happened.

The reason behind this move is the fact that modern-day payment fraud continues to change. As shown in the latest threats reports from Visa, traditional payment security has improved while criminals use such things as artificial intelligence, social engineering, phishing campaigns, and stolen credentials to attack users and not payment systems directly.