Visa plans to tighten payments security in the Philippines

Monday 24 June 2019 13:23 CET | News

Global leader digital payments provider Visa has outlined a robust approach for strengthening payments security in the Philippines over the next three years.

The launch of the Future of Security Roadmap for the Philippines shows Visa’s commitment to ensure that security moves at the speed of innovation through collaborations with industry stakeholders, merchants, policy makers, law enforcement, and accountholders. The roadmap focuses on a number of initiatives, which enables security to evolve.

The security initiatives include evaluating data by removing sensitive data from the ecosystem, and making stolen account details invalid; protecting data by implementing safeguards for personal data and account details; and harnessing data by identifying potential fraud before it occurs and increasing confidence in approving genuine transactions. Another initiative is empowering accountholders, third party providers, and merchants to play an active role in payment security.

In addition, Visa advocates the adoption of tokenization and 3-D Secure 2.0, a new standard for ecommerce. As such, tokenization 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.

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Keywords: Visa, payments security, the Philippines, digital payments, payments provider, security, stakeholders, merchants, policy makers, law enforcement, accountholders, sensitive data, account details, tokenization, 3-D Secure, bank, payment gateway
Countries: World

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