Advanced Security for Visa cardholders in India

Visa Inc. has introduced advanced fraud prevention technologies for the first time in India to step up security for India's banks and provide greater protection for Visa cardholders. The new self-learning solutions, Visa Advanced Authorization (VAA) and Visa Risk Manager (VRM), offer financial institutions unprecedented levels of real time protection and responses across Visa's entire global network. The move is believed to reinforce Visa's leadership in the market and is likely to sit well with the regulatory direction that recently stressed the need for all India's banks to adopt proactive real-time fraud detection, increase consumer protection, and proactively identify and deny fraudulent transactions.

Uttam Nayak, Group Country Manager - India & South Asia, Visa said "Security remains a foundation of Visa's business and Visa Advanced Authorization and Visa Risk Manager will now provide unparalleled levels of protection for Indian financial institutions and their customers. Visa's unique ability to analyze up to 24,000 transactions per second that cross our global network and then immediately act on that intelligence, is what separates this from other local or international systems. We can literally spot a needle in the haystack. As we move deeper into semi-urban and rural areas tools like VAA will be critical in increasing consumer confidence and ultimately in growing electronic payments."

Mahesh Rajaraman, Sr. VP & Head of Risk Control, Payment Business & Retail Assets, HDFC Bank said, "Securing and building trust in the card payments landscape is of paramount importance to us. To ensure optimum consumer protection, we are securing all our payment channels with participation in two factor authentication for eCommerce, issuance of EMV / Chip cards and implementation of Visa's real-time fraud solution for monitoring domestic and international transactions.”

Jairam Sridharan, Head of Consumer Lending & Payments, Axis Bank, said, "Building customer confidence in the security around electronic payments is important. With the RBI guidelines around securing card present transactions in the country, we have implemented Visa's real-time fraud solution to further strengthen our transaction monitoring capabilities."

Uday Shetye, Deputy General Manager, Operations, New India Co-operative Bank Ltd., said, "As a new entrant in the payments industry we look to global payment technology companies like Visa for providing effective fraud risk solutions. We are delighted with the implementation of a real-time fraud solution like VAA VRM. This solution is secure, scalable and reliable, to ensure effective fraud risk management."