In light of the recent data breaches, credit card issuers have been actively searching for ways to protect consumers’ personal financial information.
Consequently, Visa recently announced new technology that will help shield consumers at gas stations.
The goal is to help with determining the chance that a customer is using a stolen, lost or counterfeit credit card to make purchases at the pump.
Dubbed Visa Transaction Advisor, it is currently being utilized at 25,000 service stations.
“After a cardholder inserts the card at the pump, Visa analyzes multiple data sets such as past transactions, whether the account has been involved in a data compromise, and nearly 500 other pieces of data to create a risk score. This allows merchants to identify those transactions with a higher risk of fraud and perform further cardholder authentication before gas is pumped,†Visa said in a statement.
The results of a pilot program showed a 23% reduction in the rate of fraudulent chargebacks, reports Visa.