Visa unveils 3-year enhanced security plan
Global payments technology behemoth Visa yesterday launched a "Future of Security Roadmap for Bangladesh" for the next three years to strengthen payment security and enable the country to embrace and grow digital payments.
The announcement comes amidst recent alleged attempts by North Korean hackers to make fraudulent money transfers from banks and cause automated teller machines to spit out cash around the globe.
Apprehensions prompted many local banks to keep services through ATMs and points of sale suspended from 12:00am to 7:00am.
Visa's plan is for all local issuers of its credentials to adopt an EMV® 3-D Secure messaging protocol, says a press release.
It promotes frictionless consumer authentication and enables consumers to authenticate themselves with their card issuer when making card-not-present e-commerce purchases.
In addition, Visa recommends that merchants support in-app tokenisation for mobile transactions and payment security. By tokenising customers' credentials, merchants can add another layer of security and better manage the customer journey and payment data.
The roadmap also envisages ATM EMV migration to further secure the ecosystem and clients further strengthening their capabilities by deploying real time fraud monitoring tools.
It also includes devaluing data by removing sensitive payment data from the ecosystem and making stolen account details useless and protecting personal data and account details by implementing safeguards.
Other aspects are for harnessing data by identifying potential fraud before it occurs and increasing confidence in approving good transactions and empowering everyone, including accountholders and merchants, to play an active role in securing payments.
"The global pandemic has driven more consumers and businesses across the world to adopt digital commerce," said Joe Cunningham, head of risk for Asia Pacific at Visa.
"As new users get more familiar with digital payments, whether paying online or with a contactless card at a store, it is important that the experience is convenient, fast and secure."
"Payment security is Visa's top priority and having a set of common goals for the industry is crucial to helping build long-term trust in digital payments," he said.
He said Visa's roadmap would help the Bangladesh ecosystem in meeting global standards and best practices.
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