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
Visa launched its future of security roadmap for Bangladesh, with a detailed plan to further strengthen payment security over the coming three years.
This blueprint to payment security includes the adoption of EMV 3DS protocol by all local issuers of Visa credentials, says a press release.
The new blueprint includes removing sensitive payment data from the ecosystem, making stolen account details useless, implementing safeguards to protect personal data, identifying potential fraud before it occurs, and including accountholders and merchants, to play an active role in securing payments.
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.
Visa’s Head of Risk for Asia Pacific Joe Cunningham said: “As new users get more familiar with digital payments, whether paying online or with a contactless card at a store, it is important that the experience is convenient, fast and secure. Visa’s future of security roadmap for Bangladesh will help the ecosystem here in meeting global standards and best practices.”
TR Ramachandran, group country manager, India and South Asia, Visa said, “New technology brings new ways to pay as well as new and unique risks, and to stay ahead of fraud, we need to work together and invest in security the same way we invest in innovations and consumer experience. We are proud to launch the Bangladesh future of security roadmap as the groundwork to achieve this balance between security and experience.”