During the recent Visa Security Summit in Shanghai, China, Visa unveiled its security roadmap for the Asia Pacific region. The roadmap outlines a robust approach for strengthening payments security in the region over the next couple of years.
The security roadmap is a set of market-specific initiatives and goals backed by Visa Rules, mandates and incentives. It is collaboratively agreed with clients and regulatory bodies driving improvements in the security industry. Historically, the roadmaps have included the adoption of PCI-DSS, PIN mandates, 3-D Secure adoption and Consumer Education campaigns.
In Malaysia, the roadmap focuses on a number of key initiatives which will enable security to evolve at the same pace as the technologies that change the payment method. These security initiatives include:
In a media session with journalists from Malaysia, Singapore and the Philippines, Shiva Sriraman, Chief Risk Officer of Greater China, Visa explained how hyper-connectivity is not only creating new ways to pay, but also creating new ways to exploit.
With 21 billion connected devices expected by 2021, the attack landscape is also changing. Cybercriminals are now focusing on a broader landscape which includes logic errors, force post, ATM cashouts, double swipe, BIN attacks and eCommerce Skimming.
“Innovation is moving at a much faster pace compared to security. Security is having to play catch up to ensure there are no risks.”
|Shiva pointed out that for security to be a catalyst for growth, enabling responsibility innovation and enhanced convenience is important|
Shiva pointed out that for security to be a catalyst for growth, enabling responsibility innovation and enhanced convenience is important. While regulatory bodies can make certain security requirements mandatory, the adoption can take time. This is probably due to legacy issues for most businesses and also migration issues. For example, they are migrating from a business from 2.0 to 4.0.
Using China as an example, while the cashless payment structure has not yet been implemented to be a mandate, most businesses and consumers in China are heavily using it already. This clearly shows that adoption can drive the community.
In Malaysia, the security roadmap focuses strongly on eCommerce. On top of the existing payment security solutions, Visa advocates the adoption of tokenisation and 3-D secure 2.0, a new standard for eCommerce which can add peace of mind for consumers and help merchants increase their sales. Tokenisation helps to eliminate sensitive data, so the 16-digit number on the card would not be stored anywhere by the merchant, bank or payment gateway. This will help reduce fraud rates on eCommerce in the same way the EMV Chip has limited fraud in the face-to-face environment.