Visa has launched a new service called Visa Transaction Advisor, which is designed to help U.S. gas stations identify higher-risk credit and debit card transactions at the pump.
VTA provides risk scores to identify when lost, stolen or counterfeit cards are being used at pumps, Visa said in an Aug. 7 press release. VTA works with existing message fields and pump technology, the company said.
During Chevron's test of VTA in Los Angeles over the last several months, fraudulent chargebacks at its gas stations dropped 23%, said Gabriel Andres Porras, merchant acquiring manager for Chevron.
Gas stations are also expected to implement hardware to accept EMV-chip cards, though they have until October 2017 under
"By working with fuel companies to understand their needs, we were able to create a new service that builds on Visa's predictive analytics capabilities, providing fuel merchants with more intelligence to prevent fraud and improve their bottom line," said Mark Nelsen, vice president of risk products and business intelligence at Visa, in the release.
Vantiv has also partnered with Visa to offer VTA to fuel clients.
