Visa Unveils Future of Security Roadmap to Strengthen Payment Security in Singapore
The roadmap is in line with Singapore’s vision of becoming a cyber-secure smart nation
Visa, the world’s leader in digital payments, announced its Future of Security Roadmap for Singapore, outlining a robust approach for strengthening payments security in the country over the next three years.
The roadmap focuses on a number of key initiatives which will enable security to evolve at the same pace as the technologies changing the way we pay. These security initiatives include:
- Devaluing data by removing sensitive data from the ecosystem and making stolen account details invalid.
- Protecting data by implementing safeguards to protect personal data as well as account details.
- Harnessing data by identifying potential fraud before it occurs and increasing confidence in approving genuine transactions.
- Empowering everyone, including accountholders, third party providers and merchants, to play an active role in payment security.
“Payment security is a key priority for us and Visa believes that there is a shared responsibility amongst financial institutions, merchants, consumers and the government to secure the commerce ecosystem. With the payments landscape evolving so rapidly, we need to ensure that security of payments is also transforming to stay ahead of these technological advancements. There is also an increased focus on developing risk solutions for eCommerce. We want to build trust and confidence amongst consumers and merchants in the payments ecosystem as it is crucial to Singapore’s success in becoming a smart nation,” said Visa Country Manager for Singapore & Brunei, Kunal Chatterjee.
The release of the Visa Future of Security Roadmap for Singapore is aligned with the country’s Smart Nation initiative, where concerns about cybersecurity are at the forefront for the government, private sector and the general public.
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. In the Future of Security Roadmap for Malaysia, there is a strong focus specifically on eCommerce.
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 clients and partners to continue to bring down fraud rates to historic lows, and through the release of the Roadmap, we will take the lead in championing security for Singapore, and ensure we address any gaps in payment security for the country,” Kunal Chatterjee said.
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.sg