Payments and Fraud Glossary

V

Validation

Confirming that information given is correct, often by seeking independent corroboration or assurance.

Velocity

The rate at which money is exchanged from one transaction to another.

Verified by Visa

Verified by Visa provides merchants, acquirers and issuers with cardholder authentication on ecommerce transactions, by leveraging the 3-D Secure protocols. It helps to reduce ecommerce fraud by ensuring that the transaction is being initiated by the rightful owner of the Visa account. This gives merchants, acquirers, issuers and consumers greater protection on ecommerce transactions.

Vishing

The act of using the telephone in an attempt to scam the user into providing private information that will be used for identity theft. The scammer usually pretends to be a legitimate business, and fools the victim into thinking they will profit.

Voice authorization

An approval response that is obtained through interactive communication between an issuer and an acquirer, their authorizing processors or stand-in processing, or through telephone, facsimile or telex communications.

Voice over IP (VoIP, or voice over Internet Protocol)

Refers to the communication protocols, technologies, methodologies and transmission techniques involved in the delivery of voice communications and multimedia sessions over Internet Protocol (IP) networks, such as the internet. Other terms commonly associated with VoIP are IP telephony, internet telephony, voice over broadband (VoBB), broadband telephony, IP communications and broadband phone.