VISA strengthens security devices to prevent fraud

• Pledges to provide secured payment systems
• Asks merchants, issuers to comply with EMV standards

As fraudsters become more sophisticated in the methods, Visa Nigeria Limited is also working out strategy, aimed at strengthening its security apparatus, which is one of the pillars of its operations.

Indeed, the electronics payments industry is innovating at a rapid pace, developing new methods involving cloud-based NFC mobile technology, e-commerce, and in-app payment systems.

Already, the Payment Card Industry Data Security Standards (PCI DSS) has set risk management policies and programs in order to define the technical and operation requirements for cardholder data protection.

Beyond these standards and compliances, the electronic payments networks are implementing steps to prevent fraud and ensure their risk management assets are oriented to new threats, and their systems geared to resist any attacks.

In view of this, the General Manager, Visa West Africa, Ade Ashaye explained that the adoption of EMV-enabled or chip-enabled cards, tokenization and point-to-point encryption are technologies that will positively shape the card industry in the coming years.

Ashaye, who spoke in a media briefing on Card Security, held in Lagos on Wednesday, pointed out that the global shift towards chip-based EMV cards is the solid foundation for fraud protection.

According to him, Visa has authenticated its chip card, which enables them to move from signatures and pin to real time authorization.

“We support the banks to build authorization device. Visa check out would be rolled out in Nigeria by next year. We have started processing it. We are doing it country by country. We are continuously upgrading our technology to afford easy payment for customers, while banks also cut their cost.

“In Visa, we are keen at striking a balance. We are committed to balancing fraud concerns with convenience. We are moving for all encryption transactions. We look at different ways consumers can quickly reach out to their banks and we are working across industries, law enforcement units, government and regulators to build a secured payment future for consumers”, he said.

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

He explained that unlike magnetic stripe cards, the data on the chip is dynamic and changes with every transaction, making it complex for criminals to create counterfeit chip cards or fraudulent transactions.