The VCAS Bank of America is an important banking service belonging to the modern world.
In this world, one would argue that it is imperative that one may get a bank account set up as soon as they start earning, as it is a safe and optimal way for keeping your financials in a place, and under your control for access and transactions.
But, most importantly, you would want to know if your assets are safe in a bank and would also like to be aware of the level of safety you can acquire from the bank.
In particular, the Bank of America has taken the market standards up with their Visa Consumer Authentication Services, where they have joined forces with Visa and are looking forward to providing a strong protection standard for bank users.
What is VCAS?
VCAS (Visa Consumer Authentication Services) is a set of services brought forward by Visa where they work towards providing a data-driven risk-based authentication for users/consumers hence decreasing the possibility of anonymous activity and hence the growth for fraud and foul play.
With the advent of the internet and the vast availability of access to it, the digital banking world has definitely flourished.
And, as the transactional capacity in the digital world increases, with all that some of the bad is fated to follow.
This leads to a lot of fraud, and foul play, where legit “card not present” transactions are becoming rather rare.
Thus, there is a dire need for a better and stronger system to be in place, where the concerned persons can authorize and confirm the authenticity of the consumer under question, thus driving down the potential for fraudulent activity.
How does VCAS Work?
VCAS setup works by taking into consideration a lot of variables, so as a consumer moves forward with a purchase of any sort, Visa Consumer Authentication Service makes sure that the useful information regarding the consumer at that point time is taken into account.
Such information, including data ranging from Geological positioning using GPS, transaction profile using account data, device authentication using MAC-addresses and IMUI numbers, session briefings, etc. is taken up by the issuers and stored in a datahub as proof.
Issuers also have some amount of freedom to create and modify their authentication techniques and strategies.
They can utilize not only the readily available Visa Risk Score but also can access other important data sources regarding the user as confirmation material for future access attempts, such as their transactional name, amount of monetary value handled, IP address, etc.
Although the advanced authentication criteria are easily dealt with via the improved Visa Risk Score, there is often a need for more secure user authentication processes, i.e., biometrics, one-time security questions, one-time passwords, etc.
What is the Bank of America?
The Bank of America is a multinational corporation that is well-known, all the way from its investment proceedings to its financial service provider plans.
Thus, it will be accurate to say that this corporation is one of the biggest and most renowned institutions for financial development services and consultation.
They work for all kinds of customers, i.e., from full-fledged firms, individuals in need of banking services, and small and large businesses to huge organizations and governments.
In order to open an account in the Bank of America, it is to be noted that the minimum balance allowed under certain different types of accounts is $100, whilst the standard procedure CDs need $1000.
How does VCAS Bank of America Operate?
As we already know, VCAS is a service mainly provided by Visa, and VCAS Bank of America unison brings forward the potential of using Visa’s high-end security and consumer authentication standards and placing them in the banking world of Bank of America.
Thus it takes away the possibilities for any type of foul play and fraud that may be occurring in any non-personal interactive circumstances.
From an issuer’s standpoint, their top priority is making sure that they get a high probability of conclusive decision regarding the person running the transaction, i.e., proving that they are the cardholder themselves.
Along with all the safety measures being checked and verified with unmatched accuracy, this service also enables the user to set up their own design for their safety toolbox. Make, review, and produce protection criteria according to your needs, so it fits your conditions perfectly.
And if that wasn’t enough, the VCAS Bank of America also serves by making the process very flexible, so it fits your requirements easily.
This means when the transactional amount changes, so do the security levels and measures, based on your design specifications.
How does the Visa Advanced Authorization work for your VCAS?
This tool lies at the core of the VCAS Bank of America secure system, as its function is to analyze and identify the risks that could potentially be there when dealing with another party, based on their risk score.
This is recorded over a particular amount of time – based on their account’s activity.
So, any user using this type of account would be observed and analyzed, and as a result of that, they would be awarded a risk score, which shall determine how much risk one would be taking into account when dealing with that particular individual or party.
This is a great way of providing security as the service provider always has the users’ data all they have to do is put it to good use, i.e., identifying fraudulent and foul behavior.
Once identified, these types of transactions and activity frequencies can be fed into a machine learning system that can learn to identify this potential behavior and thus give these account holders their particular risk scores.
The Working of Visa Risk Manager of the VCAS
The risk manager is the next step from the Visa Advanced Authorizer; this tool is designed to utilize the data brought forward by the VAA (Visa Advanced Authorizer).
As we know that the data from the Visa Advanced Authorization tool is in the form of risk scores, the issuers are provided the freedom to design the risk tolerance criteria and strategies within this tool.
So, the risk manager’s function is very simple and straightforward as it provides freedom to the issuer to choose the most optimal customer or party to undergo transactions with, and reject the parties with a higher risk factor, without any repercussions of sorts.
And as you move forward with a particular party involved, you can make sure that the transactions are risk-proof by utilizing the risk manager’s tools as it has several fraud-evading functionalities packed in it.
And last but most certainly not the least, it provides you the capacity to work with the gold standard of VisaNet with the help of which you can look into improving your risk scores and optimizing your account usage accordingly to attract more customers or opportunities.
Components of the Risk Manager
Hence, the risk manager comprises of a rules manager, which is designed to provide a user the freedom to create, review, and test out their own customized strategies against fraudulent parties attempting to cause damage.
Then, there is a case manager, which, based on the defined rules of rules manager flags and separates potential risky transactions and places them for further analysis and a later review.
Next, it comes an account manager where you have the capability to set up rules and regulations for different types of accounts, hence, to create certain lists such as blacklists and whitelists, etc.
Last but not least, a report generator, which shall provide a background history of everything that transpires and hence gives you the opportunity to fact check and test the functionality of your system using this final component of the Risk Manager.
Things to know about VCAS Bank of America
It is imperative that you set up “Verify Your Visa Card Is With You” service as soon as you get your hands on your card, as this service has the potential to allow Visa to know your location via your phone and verify your Card activity with the places you have been in.
So, if there are any suspicious transactions occurring within your account or from your account which do not match your phone and your card’s location, in case you have your “Verify Your Visa Card Is With You” service setup, then VYVCIWY service will take care of it, and flag the transaction.
This way you can make sure that your transactions are authorization protected so, and that no fraud and false payments shall occur from your account.
Is this Service the Right One for You?
The VCAS Bank of America service is designed for a large range of people, all the way from small businesses and middle-businesses to even large corporations, as any kind of party having to deal with a lot of transactions, i.e., a large number of transactions.
So, if your business is more often than usual, working with multiple transactions of large capital involved, then the Visa Consumer Authentication Service paves the way for you.
It provides information regarding the people you are dealing with and also tells them about what kind of a business yours is, and if you have worked towards refining your profile on VisaNet, then you have the potential to get more clients and hence, grow your business more.
But it’s not for your everyday individual use, as it is not designed for standard use, as you would not require seeing the risk score against your everyday transaction recipients, thus it is designed for a very specific need, its use and set up must be well thought out before getting indulged in it.
And as it is apparent that the whole banking system under the Visa Consumer Authentication Service guidelines is unique in its way to prevent fraudulent, shady, and risk involving events from occurring, when dealing with strangers offering up deals, products, tools, etc., one can make up their mind regarding working with this system.
This article provides an in-depth view of the VCAS Bank of America, ranging all the way from the very basics of a Visa Consumer Authentication Service to the way Bank of America is utilizing this service to make an ecosystem for businesses to flourish within whilst they are protected by the power of the Visa Protective System.
Now, this is set up in such a way that the levels of protection are also under your control that, you can set up your levels of security based on your different levels of threats, so based on the amount of money involved you could create a flexible system where you would be in charge of the whole security protocol being followed.
And not only that, but these services also have a plus known as “Verify Your Visa Card Is With You.”
This provides protection by making sure your phone is found in the locations where your Visa card for Bank of America is being activated, using your phone’s location.
This can make life very easy as in the modern era of technology and digitalization, using your phone in cohorts with your financials only makes sense is already being done.
And the cherry on top would most definitely be, that in case you are connected to the internet, the Visa app can use it for finding your location, and if you are away and can’t access the internet, you still have nothing to worry about as it can use your cellular network to gather information regarding your location.
So, for a business that requires multistage protection against fraudulent attacks, when you are dealing with a big number of monetary transactions then, you would be well off availing of the service at hand by Bank of America with their Visa Consumer Authentication Service. So, it indeed provides a nice and organized method for setting up your accounts, from a trusted firm such as Bank of America, where setting up is simple and maintenance is not far off either.