New payment security requirements introduced that will help to keep consumers and businesses safe
Visa, a world leader in digital payments, announced a series of new payment security measures in the Philippines that will help to fight cybercrime, protect the payments ecosystem, and keep consumers and businesses safe.
The new security measures are part of Visa’s updated Security Roadmap for the Philippines, which is designed to provide enhanced protection for transactions made online and at physical retailers.
Jeff Navarro, Visa’s Country Manager for the Philippines and Guam, said: “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’s why I’m pleased to introduce our updated Security Roadmap which sets out the steps we will be taking in collaboration with our partners to continue to secure the payments ecosystem in the Philippines.”
Visa continually evolves to deliver data-based, security-focused solutions that reduce fraud and protect the payments ecosystem. Over the last five years, the company has invested US$9 billion globally to boost cybersecurity and combat fraud.
Visa uses artificial intelligence/data-driven solutions to identify, investigate, disrupt and prevent attacks targeting the global payments ecosystem, providing strategic security expertise and a comprehensive protection against emerging security threats.
One of its solutions – Visa Advanced Authorisation – analyses more than 500 data elements to generate a risk score for each transaction, a move that has helped banks prevent an estimated US$26 billion in fraud globally in fiscal year 2021[1].
With Southeast Asian consumers living increasingly digital lifestyles, the use of biometrics – fingerprint or facial recognition, and digital identities – a digital representation of your identity information that you can use to prove who you are online, is growing in popularity.
Data from Visa’s latest Consumer Payment Attitudes Study conducted in August to September 2021, showed that among Filipino consumers who were surveyed, there is high awareness of biometric payment authentication at 80%, with more than half (60%) believing it is a safer way to pay. While current ownership of digital identities in the Philippines is low (11%), about one-third are familiar with the concept (35%) and interest among non-owners (70%) is relatively high[2].
“When looking to the future of security, Visa believes that focusing on digital identities and the authentication of a consumer’s identity, will be key to mitigating new threats as more commerce shifts to digital channels. Visa calls the industry to action on Digital Identity and its use for authentication,” added Navarro.
With a global team of over 1000 cybersecurity specialists, Visa provides 24/7, real-time fraud detection and mitigation, analysing millions of transactions every day for known and emerging threats. Visa’s artificial Intelligence (AI) powered technology is able to spot patterns in data otherwise undetectable by humans to identify enumeration patterns and alert affected financial institutions and merchants before fraudulent transactions begin.
Visa’s Security Roadmap outlines the steps Visa will be taking across key areas to continue to secure the payments ecosystem in the Philippines, including:
1. Driving adoption of secure technologies
2. Securing digital first payment experiences
3. Ensuring ecosystem resilience
4. Preventing enumeration attacks
5. Enhancing the cybersecurity posture of ecosystem participants
6. Preventing consumers and businesses from becoming victims of scams
