It’s a big success of Visa Australia new payment security roadmap mainly launched for the more benefits and security of the Australians. In launching the Visa Future of Security Roadmap (‘the Roadmap’), Visa’s Group Country Manager for Australia, New Zealand and South Pacific, Stephen Karpin, said securing the commerce ecosystem is a shared responsibility: “Everyone has a role to play in protecting Australian consumers and businesses from breaches of any kind. Technology has enabled truly seamless commerce, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment as we give to new products.”
Visa is widely used by the industry stakeholders which includes both financial and non-financial institutions, consumers, merchants, all policy makers, every individual account holder and law enforcement for processing a secured transaction/ payment. The Visa Future of Security Roadmap is the product of broad consultations and collaboration, making it a firm document on Australian payments security. Now, Visa Australia is delivering roadmaps across the globe to support and ensure the security of the global e-commerce ecosystem and working with Australian industry bodies to align security initiatives.
Sam Gianniotis, Visa’s Chief Risk Officer for Australia, New Zealand & South Pacific, said: “Decades of hard work by Australia’s financial institutions, merchants and the international payments networks, including Visa, has led to ingrained trust in digital payments, trust that is well-deserved. Our collective responsibility is to continue protecting and delivering on this trust, as we enable new and exciting ways to pay.”
Visa’s Roadmap concentrations on a various number of initiatives which ensures the security being enabled to go forward at the same pace as the technologies altering the way we pay. These include:
Introduction to a token system: It is basic that most of the account details being stored at various places such as online merchants exclusively e-commerce websites, Visa is calling on financial institutions and merchants to diminish or ‘tokenize’ this data – a process whereby payments information is substituted with unique ‘tokens’ that are useless if stolen.
Introduction of 3-D secure version 2.0 (3DS): This is a tool that helps merchants to have unified verification of consumers while shopping online, and improved fraud recognition for all parties in an e-commerce transaction.
Making it more sophisticated and new standardization for biometrics: Smartphones, now omnipresent, now became more sophisticated allowing the users to verify their identity through biometrics on their device, just like a fingerprint or facial recognition. Visa’s standards, as well as Visa’s certification of third party devices and software, will make confirm the suitability and security of future biometric solutions as a means of payments validation.
Universal standards for Software-Based PIN Entry (PIN on Mobile): Mobile point of sale (mPOS) technology is enabling micro-merchants to agree digital payments using low-cost infrastructure. With some solutions, mPOS requires PIN entry into smartphones or tablets. After publishing standards and establishing a pilot to monitor the security of this technology, Visa is now sharing the learnings from this ongoing pilot with the Payments Card Industry Security Standards Council (PCI SSC) to assist in its development of global standards for Software-Based PIN Entry.
A new EMV chip: With the success of usage of contactless payments, they are accounting for 92% of Visa face-to-face transactions in Australia, now it’s a challenge for Visa Australia to make it 100% EMV chip acceptance, which means every consumer and merchant will benefit from these security layers provided by EMV chip technology.
Joe Cunningham, Visa Asia Pacific Head of Risk, said, “Visa has a principle of responsible innovation. We need to balance security with customer experience, ensuring no innovation compromises the integrity of the ecosystem. The Visa Future of Security Roadmap sets the groundwork for achieving this and will continue to be updated as the commerce landscape evolves.”
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