Consequently, Visa recently announced new technology that will help shield consumers at gas stations.
The goal is to help with determining the chance that a customer is using a stolen, lost or counterfeit credit card to make purchases at the pump.
Dubbed Visa Transaction Advisor, it is currently being utilized at 25,000 service stations.
“After a cardholder inserts the card at the pump, Visa analyzes multiple data sets such as past transactions, whether the account has been involved in a data compromise, and nearly 500 other pieces of data to create a risk score. This allows merchants to identify those transactions with a higher risk of fraud and perform further cardholder authentication before gas is pumped,” Visa said in a statement.
The results of a pilot program showed a 23% reduction in the rate of fraudulent chargebacks, reports Visa.