Visa Unveils Future of Security Roadmap to Strengthen Payment Security in the Philippines
“Payment security has always been a key pillar of focus for Visa and we believe it is a shared responsibility among financial institutions, merchants, consumers and the government to secure the commerce ecosystem. We acknowledge the need for risk and security of payments to evolve with the changing payment landscape so that we can stay ahead of these technological advancements. Our commitment is to build trust and confidence among our clients, consumers and merchants in the payments ecosystem so that the country can embark on this digital and cashless journey,” said Visa Country Manager for the Philippines & Guam, Dan Wolbert.
Visa is committed to ensuring that security moves at the speed of innovation through collaborations with industry stakeholders, merchants, policy makers, law enforcement and accountholders.
On top of the existing payment security solutions, Visa advocates the adoption of tokenisation and 3-D Secure 2.0 (3-DS 2.0)1, a new standard for eCommerce , which can add peace of mind for consumers and help merchants increase their sales. Tokenisation helps to eliminate sensitive data, so the 16-digit number on the card would not be stored anywhere by the merchant, bank or payment gateway. This will help to reduce fraud rates on eCommerce in the same way EMV chip has limited fraud in the face-to-face environment.
One of the key pillars for the security initiatives is to empower cardholders so they can have control and management over their Visa accounts through the e-banking portals or mobile devices.
“Visa is working collectively with our clients and partners to bring down fraud rates to historic lows, and we are already seeing reduction of fraud rates in the Philippines. Through the release of the Roadmap, we will take the lead in championing security for the Philippines, and ensure we address any gaps in payment security for the country,” added Dan.
13-D Secure 2.0 is an online authentication tool which uses 10x the data of its predecessor to make risk-based authentication decisions.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.ph