Sunil Seshadri, EVP/CSO and Melissa Phillips, SVP Client & Partner Services, share an overview of the steps we’re taking to safeguard your employees' experiences.  

“We made a deliberate choice: stronger protection cannot come at the expense of account holder experience.” 

Sunil Seshadri

A healthcare payment experience that is secure and effortless at every step. 

HealthEquity and Visa raise the bar in fraud prevention while advancing trust, security and innovation in healthcare payments.

We know fraudsters never stop using compromised card numbers obtained through breaches, stealing cards in transit and attempting e-commerce fraud. Safeguarding account holders’ healthcare dollars is not an option, it is foundational to our mission.

People rely on uninterrupted access to their healthcare dollars, often during urgent or emotionally sensitive moments. Card friction undermines trust and can compromise benefits utilization.

• Increased card authorization rates to 98% by attacking fraud at the transaction level. 

• Reduced card net fraud by 80% to 1.1bps, 5x better than our peers.¹

• Built a layered intelligence driven defense strategy, integrating Visa’s most advanced AI-powered models directly into our fraud operations.

• Enhanced card activation and reporting features in our IVR system and mobile app - making card management simple.

Together, HealthEquity and Visa:

We fortified our cybersecurity and fraud detection measures to ensure peace of mind. From passkey authentication to multilayer identity verification and implementing proactive account security alerts, HealthEquity has measurably strengthened fraud detection and prevention at every point of access.

Passkey Authentication replaces vulnerable passwords and one-time passcodes (OTP) with phishing resistant log in using Face ID, fingerprint or device PIN to authenticate. Safe, fast and no passwords to remember. Roll out began in 2025, and extends through 2026 for mobile, web and voice channels.

Passkeys are supported on nearly all devices following industry standards, and we join the ranks of leading retail, banking, healthcare and technology companies in adoption. We’ve taken clear market leadership in identity verification and login security- no other HSA provider offers passkey authentication.

Identity and Bank Account Verification 
We partner with Plaid^TM to deploy industry best-in-class fraud capabilities, providing real-time advanced user and bank account verification before funds move, in portals and mobile apps.

Increased fraud detection in call centers using sophisticated voice pattern recognition and risk scoring blocks fraudsters from reaching sensitive account information. Passkey authentication is coming in 2026 to mitigate unauthorized access.

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Cybersecurity and Fraud Accomplishments 

Risk Based Authentication methods to verify identity are woven throughout the member experience up to and including comparing a selfie with government-issued ID, at the highest level.

Our enhanced resilience and enterprise risk management strategies help ensure uninterrupted service and proactive disaster recovery solutions for all stakeholders. 

Microsoft Azure cloud migration for seamless failovers and ongoing system protection. 

Enhanced observability through an AI-powered data platform  provides real-time monitoring, actionable insights, and early warnings to aid risk management. 

Call-center telephony upgrades, including migration to Cisco’s cloud technology, gives enhanced reliability and uninterrupted client support. 

Business administrators, when you need a report, contact us by email. Available reports range from standard information to information security policies.

HealthEquity , Visa and Plaid are separate, unaffiliated companies and are not responsible for each other's policies or services.

^This card is issued by The Bancorp Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. This card can be used everywhere Visa debit cards are accepted for qualified expenses. This card cannot be used at ATMs and you cannot get cash back, and cannot be used at gas stations, restaurants, or other establishments not health related. See Cardholder Agreement for complete usage restrictions.

1Visa Issuer Report 2025

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