New payment security requirements introduced to keep consumers and businesses safe
Singapore — 27 June 2023 — Visa, the world’s leader in digital payments, today announced a series of payment security initiatives in Singapore as part of its updated security roadmap that was first introduced in 2019 to provide enhanced protection for transactions made online and at physical retailers. Visa will be working alongside financial institutions and merchants on these initiatives that will protect the payments ecosystem and keep consumers and businesses safe.
According to Visa’s latest Consumer Payments Attitudes Study1, credit and debit card usage in Singapore and Malaysia show steady growth, with credit and debit cards being the preferred payment method for consumers in Singapore at 82 percent. However, the changing payments landscape also poses new threats, as evidenced by a survey commissioned by Visa. The survey revealed that one in three respondents in Singapore had fallen victim to fraudulent use of their personal credit or debit cards (31%)2.
Adeline Kim, Visa’s Country Manager for Singapore & Brunei, said: “At Visa, security is our highest priority, and we invest heavily to preserve and enhance the security of every Visa transaction to ensure consumers and businesses are protected. As the payments landscape evolves, so do the threats, and that is why I’m pleased to launch our updated Security Roadmap which sets out the steps we will be taking in collaboration with our partners to further secure the payments ecosystem in Singapore.”
In Singapore, the areas that Visa is specifically looking at as part of its security roadmap include:
- real-time fraud detection systems
- investment in secure technologies – Secure Credential Framework and Digital Authentication Frameworks are designed to enhance readiness, security and performance in the card-not-present ecosystem.
- EMV 3DS adoption – risk-based authentication that Visa is introducing to the industry as part of our security roadmap initiatives.
Visa continually evolves to deliver data-based, security-focused solutions that reduce fraud and protect the payments ecosystem. Over the last five years, the company has invested US$10 billion globally to boost cybersecurity and combat fraud.
Visa uses AI/data-driven solutions to identify, investigate, disrupt and prevent attacks targeting the global payments ecosystem, providing strategic security expertise and comprehensive protection against emerging security threats. Notably, when making eCommerce transactions, the majority of respondents from Singapore in the YouGov study (70%) rank security as their primary concern.
One of its solutions – Visa Advanced Authorisation – analyses more than 500 data elements to generate a risk score for each transaction, a move that has helped banks prevent an estimated US$26 billion in fraud globally in fiscal year 20213.
With Southeast Asian consumers living increasingly digital lifestyles, the use of biometrics – fingerprint or facial recognition, and digital identities, a digital representation of your identity information that you can use to prove who you are online – is growing in popularity.
Awareness of biometric payment authentication is high among Southeast Asian consumers at 75 percent, with more than half (53%) believing it is a safer way to pay. While current ownership of digital identities in the region is low (18%), both awareness (71%) and interest (63%) among non-owners are relatively high4.
“When looking to the future of security, Visa believes that focusing on digital identities and the authentication of a consumer’s identity will be key to mitigating new threats as more commerce shifts to digital channels. Visa calls the industry to action on Digital Identity and its use for authentication,” added Adeline Kim, Visa Country Manager for Singapore & Brunei.
With a global team of more than 1,000 cybersecurity specialists, Visa provides 24/7, real-time fraud detection and mitigation, analysing millions of transactions every day for known and emerging threats. Visa’s Artificial Intelligence (AI) powered technology is able to spot patterns in data that are otherwise undetectable to identify enumeration patterns and alert affected financial institutions and merchants before fraudulent transactions take place.
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About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
1 The Visa Consumer Payment Attitudes Study was prepared by CLEAR in Sep-Oct 2022, surveyed amongst 6,550 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted online interviews with 1,000 Vietnamese consumers across the country who are working part or full time with a demographic mix that sought to create a representative mix of ages and genders.
2 The YouGov survey was conducted from 15 – 23 February 2023 with 2,014 respondents in Singapore.
3 Visa prevents approximately $26 billion in fraud using artificial intelligence, https://s29.q4cdn.com/385744025/files/doc_downloads/Visa-Inc_-Fiscal-2021-Annual-Report.pdf
4 Visa Consumer Payment Attitudes Study 2021
