Visa Canada

Visa Canada

March 05, 2007 07:00 ET

Visa Highlights Security Program to Retail Staff During Fraud Prevention Month Information Tour

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 5, 2007) - To mark Fraud Prevention Month, Visa Canada and local law enforcement will visit shopping centres in 12 cities and speak with retail staff about its security programs, card acceptance procedures and how to recognize and report possible fraud.

"Credit card fraud and protection of customer information are very important issues for retailers," said Gord Jamieson, Director of Risk and Security, Visa. "The fraud prevention session will highlight how staff can recognize and report suspicious behaviour and will complement existing security training offered by retailers and Acquirers."

According to research commissioned by Visa in January 2007, over 85 percent of retail managers interviewed feel some confidence that their staff can identify suspect behaviour and over 90 percent believe they know what steps to take when presented with a potentially fraudulent card. "As approximately 60 percent of fraud can be addressed at the point of sale, and criminals are constantly adapting their scams and fraud tools, it's important that staff have the confidence to handle potential issues," continued Jamieson.

Fraud Prevention Month, which is chaired by the federal Competition Bureau, brings together private sector firms, consumer and volunteer groups, government agencies and law enforcement organizations with the common goal of educating consumers on how to avoid becoming a victim of fraud. Visa works actively with law enforcement and its Member financial institutions to educate Canadians on how to protect themselves and their businesses; and has a multi-layered approach to fighting fraud.

"Visa is constantly working to secure our electronic payments system and is committed to help introduce new programs geared to shut down criminals," said Jamieson. Visa's multi-layered security platform includes:

- Visa Member neural networks, which monitor Visa transactions 24 hours a day for transactions that deviate from cardholders' normal consumption patterns.

- The Visa Account Information Security program which is mandatory for all Visa merchants and helps ensure that Visa account information is secure.

- The Visa Address Verification Service helps to confirm the identities of cardholders to reduce fraud and this, along with the three-digit code on the signature panel of cards, helps merchants in the online, phone or mail order environment verify the authenticity of the cardholder.

- The Verified by Visa service, adopted by a growing number of online merchants, authenticates the cardholder through the use of a personal password at the Issuer's website.

- And finally, Visa is working on the Canadian migration to chip technology. Chip cards have a microcomputer imbedded in them and, by 2010, it is anticipated that nearly all Visa cardholders should have a Chip Visa card in their wallets.

"Merchants, consumers and Visa all play key roles in helping to fight fraud," said Jamieson. "One of the best ways to tackle credit card fraud is to educate everyone involved in the payment process and Fraud Prevention Month provides another opportunity to speak to merchants, cardholders and law enforcement."

About Visa

Visa connects cardholders, merchants and financial institutions through its electronic payments network. Visa products allow buyers and sellers to conduct commerce with ease and confidence in both the physical and virtual worlds. Visa is committed to the sustained growth of electronic payment systems to support the needs of all stakeholders and to drive economic growth.

Visa products currently generate more than $US 4 trillion in sales volume worldwide and are accepted at over 20 million locations including one million ATMs. Within Canada, financial institutions have issued more than 27 million Visa cards, accounting for $155 billion in sales volume. For more information, visit www.visa.ca.

Contact Information