29 June 2023
With a focus on real-time fraud detection systems, secure technologies, and risk-based authentication, Visa’s updated security roadmap reinforces the safety of online and in-store transactions.
Visa, the world’s leading digital payments provider, announced today a series of payment security initiatives in Singapore as part of its updated security roadmap, aimed at bolstering protection for online and in-store transactions. These initiatives, developed in collaboration with financial institutions and merchants, seek to safeguard the payments ecosystem, ensuring the safety of consumers and businesses.
A recent study conducted by Visa, called the Consumer Payments Attitudes Study, unveiled that credit and debit card usage in Singapore and Malaysia is experiencing steady growth. The study further revealed that credit and debit cards are the preferred payment method for 82 percent of consumers in Singapore. However, amidst the evolving payments landscape, new threats have emerged, highlighted by a survey commissioned by Visa. Shockingly, one in three respondents in Singapore fell victim to fraudulent use of their personal credit or debit cards, amounting to a staggering 31 percent of participants.
Addressing the issue, Adeline Kim, Visa’s Country Manager for Singapore & Brunei, emphasized the company’s unwavering commitment to security. She stated, “At Visa, security is our highest priority, and we invest heavily to preserve and enhance the security of every Visa transaction to ensure consumers and businesses are protected. As the payments landscape evolves, so do the threats, and that is why I’m pleased to launch our updated Security Roadmap, which sets out the steps we will be taking in collaboration with our partners to further secure the payments ecosystem in Singapore.”
Visa’s security roadmap in Singapore will focus on several key areas, including the implementation of real-time fraud detection systems. Additionally, the company plans to invest in secure technologies such as the Secure Credential Framework and Digital Authentication Frameworks, designed to fortify readiness, security, and performance in the card-not-present ecosystem. Visa will also introduce EMV 3DS adoption, a risk-based authentication system, as part of its security roadmap initiatives.
To combat fraud and protect the payments ecosystem, Visa continuously evolves and delivers data-based, security-focused solutions. Over the past five years, the company has allocated a substantial $10 billion globally towards enhancing cybersecurity and combating fraudulent activities.
Utilizing AI-driven solutions, Visa proactively identifies, investigates, disrupts, and prevents attacks targeting the global payments ecosystem. The company’s strategic security expertise and comprehensive protection against emerging security threats have made a significant impact. For instance, Visa’s solution known as Visa Advanced Authorization, which analyzes over 500 data elements to generate risk scores for each transaction, helped banks prevent an estimated $26 billion in fraud globally during fiscal year 2021.
With the increasing prevalence of digital lifestyles among Southeast Asian consumers, biometrics and digital identities are gaining popularity as secure payment authentication methods. According to a YouGov study, 75 percent of Southeast Asian consumers are aware of biometric payment authentication, with over half (53 percent) considering it a safer way to pay. Although ownership of digital identities in the region remains relatively low (18 percent), the study indicated high awareness (71 percent) and interest (63 percent) among non-owners.
Adeline Kim further emphasized Visa’s belief in the significance of digital identities and authentication in mitigating emerging threats as commerce continues to shift toward digital channels. She called upon the industry to take action on digital identity and its utilization for authentication.
Visa’s robust security measures benefit from the expertise of its global team of over 1,000 cybersecurity specialists, ensuring 24/7 real-time fraud detection and mitigation. By analyzing millions of transactions daily, Visa’s AI-powered technology identifies patterns and enumeration techniques that would otherwise go unnoticed, promptly alerting affected financial institutions and merchants to prevent fraudulent transactions.
As Singapore continues to witness a surge in digital payments, Visa’s comprehensive security initiatives aim to safeguard the payments ecosystem, instilling confidence in consumers and businesses alike. With Visa‘s unwavering commitment to innovation and security, the battle against fraud takes a significant step forward in Singapore’s evolving payment landscape.
