Visa, the global payments technology company, launched its Future of Security Roadmap for Bangladesh, with a detailed plan to further strengthen payment security over the coming three years. Today, as more people transact digitally online, through mobile devices and with a number of new users entering the payments ecosystem, the launch of Visa’s roadmap is both timely and relevant in helping Bangladesh embrace and grow digital payments with security and confidence.
This blueprint to payment security includes the adoption of EMV® 3DS protocol by all local issuers of Visa credentials. In addition, Visa recommends that merchants support in-app tokenization for mobile transactions and payment security. By tokenizing 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.
Launching the Visa Future of Security Roadmap (‘the Roadmap’), Visa’s Head of Risk for Asia Pacific, Joe Cunningham said, “The global pandemic has driven more consumers and businesses across the world to adopt digital commerce. 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.
“Visa’s Future of Security Roadmap for Bangladesh will help the ecosystem here in meeting global standards and best practices. We thank all our partners for supporting this shared vision and working with us to promote the greater use of digital payments in the coming years.”
Globally, Visa has successfully prevented $25 billion in annual fraud by using artificial intelligence (AI), making the global payment ecosystem safer for retailers and consumers. It has kept global fraud rates at historic lows—less than 0.1 percent—through a multi-layered approach of investing in human intelligence and technology; empowering consumers and clients with tools, resources and control to manage risk; and setting governance processes to help businesses and regulators stay nimble.
Commenting on the launch, TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “Security of consumer and payment data has always been the highest priority for Visa. Building this trust at a time when new consumers and businesses are going digital is a shared responsibility between payment networks, consumers, banks, and the government.
New technology brings new ways to pay as well as new and unique risks, and to stay ahead of fraud, we need to work together and invest in security the same way we invest in innovations and consumer experience. We are proud to launch the Bangladesh Future of Security Roadmap as the groundwork to achieve this balance between security and experience.”
While Visa’s Roadmap focuses on a number of initiatives to enable security to evolve at the same pace as the technologies – like EMV® 3-D Secure1 and tokenization – changing the way we pay, the core tenets of the roadmap include:
• Devalue data by removing sensitive payment data from the ecosystem and making stolen account details useless
• Protect data by implementing safeguards to protect personal data as well as account details
• Harness data by identifying potential fraud before it occurs and increase confidence in approving good transactions
• Empower everyone, including accountholders and merchants, to play an active role in securing payments
Visa works with industry stakeholders including financial institutions, merchants, regulators, policymakers and law enforcement agencies to secure payments. The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative document on Bangladesh payments security. Visa is implementing similar roadmaps around the world to ensure the security of the global commerce ecosystem, as well as working with key stakeholders of the Bangladesh payments ecosystem to align security initiatives.