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Visa Plans System to Curb Counterfeits

February 15, 1992| Reuters

SAN FRANCISCO — Visa International said Friday that it will introduce an early warning system this fall for fraud detection designed to stem a sharp rise in counterfeit losses on credit cards.

It said the Transaction Analysis System will analyze usage patterns on all daily transactions over a certain amount to identify probable counterfeit transactions quickly.

"Due to the dramatic increases in counterfeit losses worldwide, programs such as this one are critical in deterring counterfeit," Visa said.

Visa said worldwide counterfeit losses could exceed $175 million in its next insurance year, which runs from April 1, 1992, to March 31, 1993.

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