Visa assures protection against fraud threat

DUBAI - Visa has global fraud prevention, detection and avoidance programmes and is extending secure payments in the virtual marketplace, Peter Scriven, general manager for Visa International, Middle East, has said after the company was informed by a third party payment card processor about an unauthorised intrusion into its computer system in the US.

By A Staff Reporter

Published: Wed 19 Feb 2003, 2:17 AM

Last updated: Wed 1 Apr 2015, 10:25 PM

He said in the unlikely event of an account information being compromised, Visa quickly moves to protect the security of cardholders.

"Visa's fraud team has immediately notified all affected card-issuing financial institutions and is working with the third-party payment card processor to protect against the threat of a future intrusion. Visa will continue to monitor the situation and the potentially compromised accounts," he said.

Mr Scriven said that although fraud is at an all-time low, high profile companies, government agencies and web sites will always be targeted by criminals and "Visa and our vendors are no exception".

Visa leverages advanced neutral network fraud detection systems and is the world's payment systems leader in combating crime, he added.

"Trust in the Visa brand is paramount to Visa's success and systems of security is critical to ensuring consumer, merchant, and financial institution confidence in the Visa payment system," he said.

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