Visa launches Future of Security Roadmap in Bangladesh
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: "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. 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, "We are proud to launch the Bangladesh Future of Security Roadmap as the groundwork to achieve this balance between security and experience."