Visa Stresses Importance Of Payment Card Security | Independent Newspapers Limited
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Visa Stresses Importance Of Payment Card Security

Posted: Jul 11, 2016 at 6:48 pm   /   by   /   comments (0)

The Country Director, Visa West Africa, Mr. Ade Ashaye, says the adoption of “the Europay, MasterCard and Visa-enabled payment cards, tokenisation and point-to-point encryption” has impacted positively on the payment cards industry.

He said the industry was therefore working hard to strengthen the security of payment cards in order checkmate fraudulent activities and stay ahead of fraudsters.

Ashaye spoke with our correspondent on ways to marking the Nigeria Card Security at the Weekend in Lagos.

He said, “The electronic payments industry is innovating at a rapid pace, developing new methods involving cloud-based Near-Field Communications mobile technology, e-commerce and in-app payment system.

“All these innovations have helped to make electronic payments easier and more accessible. In the background, the industry is also working hard at strengthening one of the pillars of its operations- security.”

“As fraudsters and their methods become more sophisticated, the cards industry must stay ahead updated on potential risks and counter them with measures to predict and prevent them.”

The Visa boss said the Payment Card Industry Data Security Standards had set risk management policies and programmes meant to define the technical and operational requirements for cardholder data protection.

While noting that Visa in Nigeria was already EMV-compliant, the expert said the global shift towards chip-based EMV cards was the solid foundation for fraud protection.

According to him, the chip serves as a microprocessor embedded in plastic payment cards or mobile phones.

He said: “As innovations keep the momentum toward more cashless transactions, security measures must keep up with the pace and combat fraud proactively.

“One of the most important initiatives for bolstering security in payments is to foster the collective responsibility of all stakeholders in payment ecosystem, which is made up of financial institutions, merchants and card networks.”

The Director, Risk Services, sub-Sahara Africa, Visa, Nita Omanga, in her presentation, said with the ever-growing acceptance of e-card globally, the company was keen on balancing convenience with security.

She said: “Our main focus right now is to protect card payment. We are looking at protecting the payment card industry, that is its security standard; this is the biggest threat that we face globally at the moment.

“When the mandate was given to issue EMV cards in Nigeria, the fraud rate on issued card in Nigeria dropped by 90 per cent in about six months,” she noted.